Discounted Cash Flow (DCF) Analysis Unlevered

Roper Technologies, Inc. (ROP)

$382.295

+1.85 (+0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 296.90 | 382.295 | 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 4,607.475,191.205,366.805,527.105,777.806,118.326,478.916,860.767,265.117,693.29
Revenue (%)
EBITDA 1,560.251,747.502,8301,9492,309.202,392.112,533.092,682.382,840.473,007.88
EBITDA (%)
EBIT 1,215.291,380.502,4141,428.201,675.101,869.541,979.722,096.402,219.952,350.79
EBIT (%)
Depreciation 344.96367416520.80634.10522.57553.37585.98620.52657.09
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 671.33364.40709.70308.30351.50568.70602.22637.71675.30715.10
Total Cash (%)
Account Receivables 809.66891.90993.601,126.60962.401,105.061,170.191,239.161,312.191,389.53
Account Receivables (%)
Inventories 204.93190.80198.60198.60176.10225.95239.27253.37268.30284.11
Inventories (%)
Accounts Payable 171.07165.30162177.80150.80192.64203.99216.01228.74242.22
Accounts Payable (%)
Capital Expenditure -59.54-58.60-62.90-48.90-62.60-68.05-72.06-76.31-80.81-85.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 382.295
Beta 1.047
Diluted Shares Outstanding 105.70
Cost of Debt
Tax Rate 9.32
After-tax Cost of Debt 2.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.742
Total Debt 7,973.20
Total Equity 40,408.58
Total Capital 48,381.78
Debt Weighting 16.48
Equity Weighting 83.52
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 4,607.475,191.205,366.805,527.105,777.806,118.326,478.916,860.767,265.117,693.29
EBITDA 1,560.251,747.502,8301,9492,309.202,392.112,533.092,682.382,840.473,007.88
EBIT 1,215.291,380.502,4141,428.201,675.101,869.541,979.722,096.402,219.952,350.79
Tax Rate 6.08%21.19%20.63%21.47%9.32%15.74%15.74%15.74%15.74%15.74%
EBIAT 1,141.351,087.901,916.011,121.611,519.061,575.311,668.151,766.461,870.571,980.82
Depreciation 344.96367416520.80634.10522.57553.37585.98620.52657.09
Accounts Receivable --82.24-101.70-133164.20-142.66-65.13-68.97-73.03-77.34
Inventories -14.13-7.80022.50-49.85-13.32-14.10-14.93-15.81
Accounts Payable --5.77-3.3015.80-2741.8411.3512.0212.7313.48
Capital Expenditure -59.54-58.60-62.90-48.90-62.60-68.05-72.06-76.31-80.81-85.57
UFCF 1,426.781,322.432,156.311,476.312,250.261,879.152,082.372,205.092,335.052,472.67
WACC
PV UFCF 1,744.161,793.921,763.181,732.961,703.26
SUM PV UFCF 8,737.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.74
Free cash flow (t + 1) 2,522.13
Terminal Value 43,939.50
Present Value of Terminal Value 30,267.06

Intrinsic Value

Enterprise Value 39,004.55
Net Debt 7,621.70
Equity Value 31,382.85
Shares Outstanding 105.70
Equity Value Per Share 296.90