Discounted Cash Flow (DCF) Analysis Unlevered
Syneos Health, Inc. (SYNH)
$42.78
+0.04 (+0.09%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 4,675.81 | 4,415.78 | 5,212.97 | 5,393.08 | 5,679.76 | 5,981.68 | 6,299.64 | 6,634.51 | 6,987.18 | 7,358.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 567.01 | 578.13 | 656.35 | 699.99 | 721.17 | 759.51 | 799.88 | 842.40 | 887.18 | 934.34 |
| EBITDA (%) | ||||||||||
| EBIT | 324.54 | 355.78 | 420.73 | 452.81 | 446.78 | 470.53 | 495.54 | 521.88 | 549.63 | 578.84 |
| EBIT (%) | ||||||||||
| Depreciation | 242.46 | 222.35 | 235.62 | 247.18 | 274.39 | 288.98 | 304.34 | 320.52 | 337.55 | 355.50 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 163.69 | 272.17 | 106.48 | 112 | 195.72 | 206.12 | 217.08 | 228.62 | 240.77 | 253.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1,303.64 | 1,344.78 | 1,524.89 | 1,645.16 | 1,676.83 | 1,765.96 | 1,859.83 | 1,958.70 | 2,062.82 | 2,172.47 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 136.69 | 113.68 | 107.54 | 118.62 | 138.59 | 145.95 | 153.71 | 161.88 | 170.49 | 179.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -63.97 | -50.01 | -56.84 | -93.46 | -75.60 | -79.62 | -83.85 | -88.31 | -93 | -97.94 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 42.78 |
|---|---|
| Beta | 1.580 |
| Diluted Shares Outstanding | 103.48 |
| Cost of Debt | |
| Tax Rate | 15.28 |
| After-tax Cost of Debt | 2.36% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.997 |
| Total Debt | 2,898.85 |
| Total Equity | 4,426.75 |
| Total Capital | 7,325.60 |
| Debt Weighting | 39.57 |
| Equity Weighting | 60.43 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 4,675.81 | 4,415.78 | 5,212.97 | 5,393.08 | 5,679.76 | 5,981.68 | 6,299.64 | 6,634.51 | 6,987.18 | 7,358.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 567.01 | 578.13 | 656.35 | 699.99 | 721.17 | 759.51 | 799.88 | 842.40 | 887.18 | 934.34 |
| EBIT | 324.54 | 355.78 | 420.73 | 452.81 | 446.78 | 470.53 | 495.54 | 521.88 | 549.63 | 578.84 |
| Tax Rate | -29.05% | 5.34% | 25.49% | 15.28% | 4.26% | 4.26% | 4.26% | 4.26% | 4.26% | 4.26% |
| EBIAT | 418.83 | 336.78 | 313.49 | 383.62 | 427.73 | 450.47 | 474.41 | 499.63 | 526.19 | 554.16 |
| Depreciation | 242.46 | 222.35 | 235.62 | 247.18 | 274.39 | 288.98 | 304.34 | 320.52 | 337.55 | 355.50 |
| Accounts Receivable | - | -41.14 | -180.11 | -120.27 | -31.67 | -89.13 | -93.87 | -98.86 | -104.12 | -109.65 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -23 | -6.15 | 11.09 | 19.97 | 7.37 | 7.76 | 8.17 | 8.61 | 9.06 |
| Capital Expenditure | -63.97 | -50.01 | -56.84 | -93.46 | -75.60 | -79.62 | -83.85 | -88.31 | -93 | -97.94 |
| UFCF | 597.32 | 444.98 | 306.02 | 428.15 | 614.83 | 578.06 | 608.79 | 641.15 | 675.23 | 711.13 |
| WACC | ||||||||||
| PV UFCF | 614.83 | 534.30 | 520.11 | 506.29 | 492.84 | 479.75 | ||||
| SUM PV UFCF | 2,533.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.19 |
| Free cash flow (t + 1) | 725.35 |
| Terminal Value | 11,718.06 |
| Present Value of Terminal Value | 7,905.33 |
Intrinsic Value
| Enterprise Value | 10,438.61 |
|---|---|
| Net Debt | 2,786.85 |
| Equity Value | 7,651.77 |
| Shares Outstanding | 103.48 |
| Equity Value Per Share | 73.95 |