Discounted Cash Flow (DCF) Analysis Unlevered

SEI Investments Company (SEIC)

$58.45

+1.11 (+1.94%)
All numbers are in Millions, Currency in USD
Stock DCF: 86.75 | 58.45 | undervalue

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 1,526.551,624.171,649.891,684.061,918.312,033.212,1552,284.082,420.892,565.89
Revenue (%)
EBITDA 633.41692.54712.93653.24786.87842.36892.82946.301,002.981,063.05
EBITDA (%)
EBIT 557.82614.85632.07569.30694.24742.95787.45834.61884.61937.59
EBIT (%)
Depreciation 75.5977.6980.8683.9392.6399.42105.37111.68118.37125.46
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 765.77785.42874.93818.69859.67996.191,055.861,119.101,186.141,257.18
Total Cash (%)
Account Receivables 339.37365.20394.52440.49500.65491.56521.01552.22585.29620.35
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.2710.924.427.7710.319.299.8410.4311.0611.72
Accounts Payable (%)
Capital Expenditure -86.57-73.32-77.17-78.57-52.54-90.54-95.97-101.72-107.81-114.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 58.45
Beta 1.039
Diluted Shares Outstanding 142.43
Cost of Debt
Tax Rate 21.20
After-tax Cost of Debt 0.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.648
Total Debt 78.97
Total Equity 8,324.80
Total Capital 8,403.77
Debt Weighting 0.94
Equity Weighting 99.06
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 1,526.551,624.171,649.891,684.061,918.312,033.212,1552,284.082,420.892,565.89
EBITDA 633.41692.54712.93653.24786.87842.36892.82946.301,002.981,063.05
EBIT 557.82614.85632.07569.30694.24742.95787.45834.61884.61937.59
Tax Rate 27.40%17.64%20.59%21.35%21.20%21.64%21.64%21.64%21.64%21.64%
EBIAT 404.96506.40501.93447.76547.04582.20617.07654.03693.21734.73
Depreciation 75.5977.6980.8683.9392.6399.42105.37111.68118.37125.46
Accounts Receivable --25.83-29.32-45.97-60.159.08-29.44-31.21-33.08-35.06
Inventories ----------
Accounts Payable -5.65-6.503.342.55-1.020.560.590.630.66
Capital Expenditure -86.57-73.32-77.17-78.57-52.54-90.54-95.97-101.72-107.81-114.27
UFCF 393.97490.59469.80410.51529.52599.13597.59633.38671.32711.53
WACC
PV UFCF 556.91516.34508.71501.19493.78
SUM PV UFCF 2,576.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.58
Free cash flow (t + 1) 725.76
Terminal Value 13,006.44
Present Value of Terminal Value 9,026.11

Intrinsic Value

Enterprise Value 11,603.04
Net Debt -752.44
Equity Value 12,355.48
Shares Outstanding 142.43
Equity Value Per Share 86.75