Discounted Cash Flow (DCF) Analysis Unlevered

RELX PLC (REN.AS)

25.76 €

-0.23 (-0.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 21.56 | 25.76 | 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 2,4732,5622,8272,4932,6462,534.492,529.072,523.652,518.242,512.85
EBITDA (%)
EBIT 1,8881,9112,1441,6501,9221,852.581,848.621,844.661,840.711,836.76
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 240187173154109168.09167.73167.37167.01166.65
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 $ 25.76
Beta 0.498
Diluted Shares Outstanding 1,937.80
Cost of Debt
Tax Rate 18.14
After-tax Cost of Debt 1.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.177
Total Debt 6,167
Total Equity 49,917.73
Total Capital 56,084.73
Debt Weighting 11.00
Equity Weighting 89.00
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 2,4732,5622,8272,4932,6462,534.492,529.072,523.652,518.242,512.85
EBIT 1,8881,9112,1441,6501,9221,852.581,848.621,844.661,840.711,836.76
Tax Rate 4.33%17.33%18.52%17.46%18.14%15.15%15.15%15.15%15.15%15.15%
EBIAT 1,806.341,579.911,747.011,361.831,573.321,571.831,568.471,565.111,561.751,558.41
Depreciation 585651683843724681.91680.45678.99677.54676.09
Accounts Receivable ----------
Inventories --15-5-23-1334.240.470.470.470.47
Accounts Payable --53-14-19-4559.09-0.36-0.36-0.36-0.36
Capital Expenditure -354-362-380-362-337-350.07-349.32-348.57-347.82-347.08
UFCF 2,037.341,800.912,031.011,800.831,902.321,9971,899.701,895.641,891.581,887.52
WACC
PV UFCF 1,889.661,700.981,606.111,516.541,431.95
SUM PV UFCF 8,145.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.68
Free cash flow (t + 1) 1,925.28
Terminal Value 52,317.26
Present Value of Terminal Value 39,689.99

Intrinsic Value

Enterprise Value 47,835.24
Net Debt 6,054
Equity Value 41,781.24
Shares Outstanding 1,937.80
Equity Value Per Share 21.56