Discounted Cash Flow (DCF) Analysis Unlevered
SEI Investments Company (SEIC)
$58.45
+1.11 (+1.94%)
All numbers are in Millions, Currency in USD
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 | 1,526.55 | 1,624.17 | 1,649.89 | 1,684.06 | 1,918.31 | 2,033.21 | 2,155 | 2,284.08 | 2,420.89 | 2,565.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 633.41 | 692.54 | 712.93 | 653.24 | 786.87 | 842.36 | 892.82 | 946.30 | 1,002.98 | 1,063.05 |
| EBITDA (%) | ||||||||||
| EBIT | 557.82 | 614.85 | 632.07 | 569.30 | 694.24 | 742.95 | 787.45 | 834.61 | 884.61 | 937.59 |
| EBIT (%) | ||||||||||
| Depreciation | 75.59 | 77.69 | 80.86 | 83.93 | 92.63 | 99.42 | 105.37 | 111.68 | 118.37 | 125.46 |
| 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 | 765.77 | 785.42 | 874.93 | 818.69 | 859.67 | 996.19 | 1,055.86 | 1,119.10 | 1,186.14 | 1,257.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 339.37 | 365.20 | 394.52 | 440.49 | 500.65 | 491.56 | 521.01 | 552.22 | 585.29 | 620.35 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.27 | 10.92 | 4.42 | 7.77 | 10.31 | 9.29 | 9.84 | 10.43 | 11.06 | 11.72 |
| 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 | 1,526.55 | 1,624.17 | 1,649.89 | 1,684.06 | 1,918.31 | 2,033.21 | 2,155 | 2,284.08 | 2,420.89 | 2,565.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 633.41 | 692.54 | 712.93 | 653.24 | 786.87 | 842.36 | 892.82 | 946.30 | 1,002.98 | 1,063.05 |
| EBIT | 557.82 | 614.85 | 632.07 | 569.30 | 694.24 | 742.95 | 787.45 | 834.61 | 884.61 | 937.59 |
| Tax Rate | 27.40% | 17.64% | 20.59% | 21.35% | 21.20% | 21.64% | 21.64% | 21.64% | 21.64% | 21.64% |
| EBIAT | 404.96 | 506.40 | 501.93 | 447.76 | 547.04 | 582.20 | 617.07 | 654.03 | 693.21 | 734.73 |
| Depreciation | 75.59 | 77.69 | 80.86 | 83.93 | 92.63 | 99.42 | 105.37 | 111.68 | 118.37 | 125.46 |
| Accounts Receivable | - | -25.83 | -29.32 | -45.97 | -60.15 | 9.08 | -29.44 | -31.21 | -33.08 | -35.06 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 5.65 | -6.50 | 3.34 | 2.55 | -1.02 | 0.56 | 0.59 | 0.63 | 0.66 |
| Capital Expenditure | -86.57 | -73.32 | -77.17 | -78.57 | -52.54 | -90.54 | -95.97 | -101.72 | -107.81 | -114.27 |
| UFCF | 393.97 | 490.59 | 469.80 | 410.51 | 529.52 | 599.13 | 597.59 | 633.38 | 671.32 | 711.53 |
| WACC | ||||||||||
| PV UFCF | 556.91 | 516.34 | 508.71 | 501.19 | 493.78 | |||||
| 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 |