Discounted Cash Flow (DCF) Analysis Unlevered

RELX PLC (RELX)

$28.96

+0.10 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.99 | 28.96 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 7,3557,4927,8747,1107,2447,228.497,2137,197.567,182.147,166.76
Revenue (%)
EBITDA 2,4732,5622,8272,4932,6712,539.482,534.042,528.622,523.202,517.80
EBITDA (%)
EBIT 1,8881,9112,1441,6501,9471,857.571,853.601,849.631,845.661,841.71
EBIT (%)
Depreciation 585651683843724681.91680.45678.99677.54676.09
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 11111413888113109.60109.36109.13108.90108.66
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 197212217240253218.76218.30217.83217.36216.90
Inventories (%)
Accounts Payable 2401871731543,275799.93798.22796.51794.80793.10
Accounts Payable (%)
Capital Expenditure -354-362-380-362-337-350.07-349.32-348.57-347.82-347.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.96
Beta 0.478
Diluted Shares Outstanding 1,926.20
Cost of Debt
Tax Rate 18.14
After-tax Cost of Debt 1.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.135
Total Debt 6,167
Total Equity 55,782.75
Total Capital 61,949.75
Debt Weighting 9.95
Equity Weighting 90.05
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 7,3557,4927,8747,1107,2447,228.497,2137,197.567,182.147,166.76
EBITDA 2,4732,5622,8272,4932,6712,539.482,534.042,528.622,523.202,517.80
EBIT 1,8881,9112,1441,6501,9471,857.571,853.601,849.631,845.661,841.71
Tax Rate 4.33%17.33%18.52%17.46%18.14%15.15%15.15%15.15%15.15%15.15%
EBIAT 1,806.341,579.911,747.011,361.831,593.791,576.061,572.691,569.321,565.961,562.61
Depreciation 585651683843724681.91680.45678.99677.54676.09
Accounts Receivable ----------
Inventories --15-5-23-1334.240.470.470.470.47
Accounts Payable --53-14-193,121-2,475.07-1.71-1.71-1.71-1.70
Capital Expenditure -354-362-380-362-337-350.07-349.32-348.57-347.82-347.08
UFCF 2,037.341,800.912,031.011,800.835,088.79-532.931,902.581,898.501,894.431,890.38
WACC
PV UFCF -508.421,731.621,648.461,569.291,493.92
SUM PV UFCF 5,934.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.82
Free cash flow (t + 1) 1,928.18
Terminal Value 68,375.34
Present Value of Terminal Value 54,035.45

Intrinsic Value

Enterprise Value 59,970.32
Net Debt 6,054
Equity Value 53,916.32
Shares Outstanding 1,926.20
Equity Value Per Share 27.99