Discounted Cash Flow (DCF) Analysis Unlevered

Science Applications International ... (SAIC)

$143.1201

+2.31 (+1.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 261.35 | 143.1201 | undervalue

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 4,6596,3797,0567,3947,7048,792.4510,034.6811,452.4213,070.4714,917.11
Revenue (%)
EBITDA 358562626684665760.52867.97990.611,130.561,290.29
EBITDA (%)
EBIT 309424447519508584.30666.85761.07868.59991.31
EBIT (%)
Depreciation 49138179165157176.22201.12229.54261.97298.98
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 237188171106109233.98267.04304.77347.83396.97
Total Cash (%)
Account Receivables 1,0501,0999621,0159361,394.061,591.021,815.812,072.352,365.14
Account Receivables (%)
Inventories 146143156142152201.87230.39262.94300.09342.49
Inventories (%)
Accounts Payable 6328148618407671,052.361,201.041,370.731,564.391,785.42
Accounts Payable (%)
Capital Expenditure -28-21-46-36-25-42.09-48.04-54.82-62.57-71.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 143.1,201
Beta 0.702
Diluted Shares Outstanding 55.80
Cost of Debt
Tax Rate 20.00
After-tax Cost of Debt 3.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.524
Total Debt 2,526
Total Equity 7,986.10
Total Capital 10,512.10
Debt Weighting 24.03
Equity Weighting 75.97
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 4,6596,3797,0567,3947,7048,792.4510,034.6811,452.4213,070.4714,917.11
EBITDA 358562626684665760.52867.97990.611,130.561,290.29
EBIT 309424447519508584.30666.85761.07868.59991.31
Tax Rate 19.41%20.98%22.88%22.63%20.00%21.18%21.18%21.18%21.18%21.18%
EBIAT 249.02335.05344.73401.57406.40460.55525.62599.88684.63781.36
Depreciation 49138179165157176.22201.12229.54261.97298.98
Accounts Receivable --49137-5379-458.06-196.96-224.79-256.54-292.79
Inventories -3-1314-10-49.87-28.52-32.55-37.15-42.40
Accounts Payable -18247-21-73285.36148.68169.69193.66221.02
Capital Expenditure -28-21-46-36-25-42.09-48.04-54.82-62.57-71.41
UFCF 270.02588.05648.73470.57534.40372.11601.91686.95784894.77
WACC
PV UFCF 348.98529.38566.61606.46649.10
SUM PV UFCF 2,700.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) 912.66
Terminal Value 19,711.98
Present Value of Terminal Value 14,299.91

Intrinsic Value

Enterprise Value 17,000.44
Net Debt 2,417
Equity Value 14,583.44
Shares Outstanding 55.80
Equity Value Per Share 261.35