Discounted Cash Flow (DCF) Analysis Unlevered

TTEC Holdings, Inc. (TTEC)

$48.3

-1.16 (-2.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.15 | 48.3 | overvalue

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 1,477.371,509.171,643.701,949.252,273.062,535.992,829.333,156.603,521.723,929.08
Revenue (%)
EBITDA 163.57150.15191.04255.94299.76299.05333.64372.23415.29463.33
EBITDA (%)
EBIT 99.0780.97121.95177.07203.05190.24212.24236.79264.18294.74
EBIT (%)
Depreciation 64.5169.1869.0978.8696.71108.81121.40135.44151.11168.59
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 74.4478.2482.41132.91158.21147.16164.18183.18204.36228
Total Cash (%)
Account Receivables 396.85359.75371.13419.29405.45571.24637.31711.03793.28885.04
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 46.0359.4564.4466.6670.4288.7298.98110.43123.21137.46
Accounts Payable (%)
Capital Expenditure -51.96-43.45-60.78-59.77-60.36-80.21-89.49-99.84-111.39-124.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 48.3
Beta 0.959
Diluted Shares Outstanding 47.39
Cost of Debt
Tax Rate 32.19
After-tax Cost of Debt 0.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.031
Total Debt 899.88
Total Equity 2,288.74
Total Capital 3,188.62
Debt Weighting 28.22
Equity Weighting 71.78
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 1,477.371,509.171,643.701,949.252,273.062,535.992,829.333,156.603,521.723,929.08
EBITDA 163.57150.15191.04255.94299.76299.05333.64372.23415.29463.33
EBIT 99.0780.97121.95177.07203.05190.24212.24236.79264.18294.74
Tax Rate 91.84%36.31%30.11%30.32%32.19%44.15%44.15%44.15%44.15%44.15%
EBIAT 8.0951.5785.23123.39137.69106.24118.53132.24147.54164.60
Depreciation 64.5169.1869.0978.8696.71108.81121.40135.44151.11168.59
Accounts Receivable -37.10-11.38-48.1613.84-165.79-66.08-73.72-82.25-91.76
Inventories ----------
Accounts Payable -13.424.992.223.7618.3110.2611.4512.7714.25
Capital Expenditure -51.96-43.45-60.78-59.77-60.36-80.21-89.49-99.84-111.39-124.28
UFCF 20.64127.8187.1696.54191.64-12.6494.62105.57117.78131.40
WACC
PV UFCF -11.9284.1788.5693.1998.05
SUM PV UFCF 352.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) 134.03
Terminal Value 3,325.81
Present Value of Terminal Value 2,481.73

Intrinsic Value

Enterprise Value 2,833.77
Net Debt 741.67
Equity Value 2,092.09
Shares Outstanding 47.39
Equity Value Per Share 44.15