Discounted Cash Flow (DCF) Analysis Unlevered

SS&C Technologies Holdings, Inc. (SSNC)

$58.34

+0.42 (+0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 221.04 | 58.34 | 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 1,675.303,421.104,632.904,667.905,0516,927.359,500.7413,030.0917,870.5424,509.12
Revenue (%)
EBITDA 628.46923.701,716.501,7471,905.402,448.303,357.804,605.166,315.908,662.14
EBITDA (%)
EBIT 391.27405.20941.301,021.701,2381,4121,936.532,655.923,642.554,995.69
EBIT (%)
Depreciation 237.19518.50775.20725.30667.401,036.301,421.271,949.242,673.353,666.45
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 64.06166.70152.80392.30564437.32599.78822.581,128.161,547.25
Total Cash (%)
Account Receivables 243.901,714.902,419.601,895.803,496.503,141.554,308.585,909.148,104.2811,114.87
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 27.0941.4036.9028.1028.7066.4191.09124.92171.33234.98
Accounts Payable (%)
Capital Expenditure -45.97-89.10-130.40-106.40-136.60-182.15-249.81-342.62-469.89-644.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 58.34
Beta 1.374
Diluted Shares Outstanding 266.60
Cost of Debt
Tax Rate 22.85
After-tax Cost of Debt 2.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.978
Total Debt 6,217.10
Total Equity 15,553.44
Total Capital 21,770.54
Debt Weighting 28.56
Equity Weighting 71.44
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 1,675.303,421.104,632.904,667.905,0516,927.359,500.7413,030.0917,870.5424,509.12
EBITDA 628.46923.701,716.501,7471,905.402,448.303,357.804,605.166,315.908,662.14
EBIT 391.27405.20941.301,021.701,2381,4121,936.532,655.923,642.554,995.69
Tax Rate -16.36%17.51%17.53%19.41%22.85%12.19%12.19%12.19%12.19%12.19%
EBIAT 455.27334.27776.30823.37955.061,239.901,700.502,332.203,198.574,386.79
Depreciation 237.19518.50775.20725.30667.401,036.301,421.271,949.242,673.353,666.45
Accounts Receivable --1,471-704.70523.80-1,600.70354.95-1,167.03-1,600.56-2,195.14-3,010.59
Inventories ----------
Accounts Payable -14.31-4.50-8.800.6037.7124.6733.8446.4163.65
Capital Expenditure -45.97-89.10-130.40-106.40-136.60-182.15-249.81-342.62-469.89-644.45
UFCF 646.49-693.02711.901,957.27-114.242,486.711,729.592,372.113,253.304,461.84
WACC
PV UFCF 2,305.931,487.251,891.452,405.503,059.25
SUM PV UFCF 11,149.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.84
Free cash flow (t + 1) 4,551.08
Terminal Value 77,929.47
Present Value of Terminal Value 53,432.11

Intrinsic Value

Enterprise Value 64,581.49
Net Debt 5,653.10
Equity Value 58,928.39
Shares Outstanding 266.60
Equity Value Per Share 221.04