Discounted Cash Flow (DCF) Analysis Unlevered

RELX PLC (REN.AS)

40.96 €

+0.36 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.07 | 40.96 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 7,8747,1107,2448,5539,1619,558.609,973.4610,406.3210,857.9711,329.22
Revenue (%)
EBITDA 2,7932,3712,6163,0402,9583,302.753,446.103,595.663,751.723,914.55
EBITDA (%)
EBIT 2,1101,5281,8922,3272,5712,479.072,586.672,698.932,816.072,938.29
EBIT (%)
Depreciation 683843724713387823.68859.43896.73935.65976.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 13888113334155193.99202.41211.19220.36229.92
Total Cash (%)
Account Receivables 1,8031,6761,6342,0802,3232,269.282,367.772,470.542,577.762,689.64
Account Receivables (%)
Inventories 217240253309318319.41333.27347.74362.83378.58
Inventories (%)
Accounts Payable 3,4793,2603,2754,0173,9714,312.024,499.164,694.444,898.185,110.77
Accounts Payable (%)
Capital Expenditure -380-362-337-436-30-382.24-398.83-416.14-434.20-453.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 40.96
Beta 0.466
Diluted Shares Outstanding 1,902.80
Cost of Debt
Tax Rate 22.40
After-tax Cost of Debt 3.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.485
Total Debt -
Total Equity 77,938.69
Total Capital 77,938.69
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 7,8747,1107,2448,5539,1619,558.609,973.4610,406.3210,857.9711,329.22
EBITDA 2,7932,3712,6163,0402,9583,302.753,446.103,595.663,751.723,914.55
EBIT 2,1101,5281,8922,3272,5712,479.072,586.672,698.932,816.072,938.29
Tax Rate 18.52%17.46%18.14%22.67%22.40%19.84%19.84%19.84%19.84%19.84%
EBIAT 1,719.301,261.141,548.771,799.491,995.191,987.282,073.532,163.532,257.432,355.40
Depreciation 683843724713387823.68859.43896.73935.65976.26
Accounts Receivable -12742-446-24353.72-98.49-102.76-107.22-111.88
Inventories --23-13-56-9-1.41-13.86-14.46-15.09-15.75
Accounts Payable --21915742-46341.02187.15195.27203.75212.59
Capital Expenditure -380-362-337-436-30-382.24-398.83-416.14-434.20-453.05
UFCF 2,022.301,627.141,979.772,316.492,054.192,822.052,608.932,722.162,840.302,963.58
WACC
PV UFCF 2,650.312,301.052,254.812,209.492,165.09
SUM PV UFCF 11,580.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.48
Free cash flow (t + 1) 3,022.85
Terminal Value 67,474.27
Present Value of Terminal Value 49,294.45

Intrinsic Value

Enterprise Value 60,875.19
Net Debt -155
Equity Value 61,030.19
Shares Outstanding 1,902.80
Equity Value Per Share 32.07