Discounted Cash Flow (DCF) Analysis Unlevered

Science Applications International ... (SAIC)

$110.61

+1.62 (+1.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 212.60 | 110.61 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,4544,6596,3797,0567,3948,446.239,648.2111,021.2312,589.6514,381.28
Revenue (%)
EBITDA 304272511570626628.72718.19820.39937.141,070.50
EBITDA (%)
EBIT 258223373391461476.41544.21621.65710.12811.17
EBIT (%)
Depreciation 4649138179165152.31173.98198.74227.02259.33
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 144237188171106255.49291.84333.37380.82435.01
Total Cash (%)
Account Receivables 6741,0501,0999621,0151,389.561,587.301,813.192,071.232,365.98
Account Receivables (%)
Inventories --84786492.57105.74120.79137.98157.61
Inventories (%)
Accounts Payable 397455527517612718.69820.96937.801,071.251,223.70
Accounts Payable (%)
Capital Expenditure -22-28-21-46-36-43.29-49.46-56.49-64.53-73.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 110.61
Beta 0.740
Diluted Shares Outstanding 58.10
Cost of Debt
Tax Rate 22.63
After-tax Cost of Debt 2.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.182
Total Debt 2,710
Total Equity 6,426.44
Total Capital 9,136.44
Debt Weighting 29.66
Equity Weighting 70.34
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,4544,6596,3797,0567,3948,446.239,648.2111,021.2312,589.6514,381.28
EBITDA 304272511570626628.72718.19820.39937.141,070.50
EBIT 258223373391461476.41544.21621.65710.12811.17
Tax Rate 16.36%19.41%20.98%22.88%22.63%20.45%20.45%20.45%20.45%20.45%
EBIAT 215.80179.71294.75301.55356.70378.98432.92494.52564.90645.29
Depreciation 4649138179165152.31173.98198.74227.02259.33
Accounts Receivable --376-49137-53-374.56-197.75-225.89-258.03-294.75
Inventories ---614-28.57-13.17-15.05-17.19-19.64
Accounts Payable -5872-1095106.69102.28116.83133.46152.45
Capital Expenditure -22-28-21-46-36-43.29-49.46-56.49-64.53-73.72
UFCF 239.80-117.29434.75567.55541.70191.56448.80512.67585.62668.96
WACC
PV UFCF 180.82399.88431.18464.92501.31
SUM PV UFCF 1,978.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.94
Free cash flow (t + 1) 682.34
Terminal Value 17,318.33
Present Value of Terminal Value 12,977.95

Intrinsic Value

Enterprise Value 14,956.06
Net Debt 2,604
Equity Value 12,352.06
Shares Outstanding 58.10
Equity Value Per Share 212.60