Discounted Cash Flow (DCF) Analysis Unlevered

Viad Corp (VVI)

$37.03

-0.20 (-0.54%)
All numbers are in Millions, Currency in USD
Stock DCF: -8,335.97 | 37.03 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 90.24415.43507.341,127.311,238.682,832.106,475.2614,804.9433,849.7777,393.57
Revenue (%)
EBITDA 77.86-125.99-6.7768.94145.45410.50938.562,145.914,906.3611,217.83
EBITDA (%)
EBIT 18.89-182.56-60.5216.4694.40-146.44-334.81-765.51-1,750.25-4,001.74
EBIT (%)
Depreciation 58.9656.5653.7552.4851.04556.941,273.372,911.426,656.6115,219.57
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 6239.5561.6059.7252.70565.941,293.962,958.486,764.2215,465.61
Total Cash (%)
Account Receivables 139.5018.1793.87122.69128.021,125.332,572.935,882.7013,450.1230,752.13
Account Receivables (%)
Inventories 17.278.738.5810.7810.15139.93319.94731.501,672.493,823.94
Inventories (%)
Accounts Payable 86.6621.0469.6673.0277.41722.471,651.843,776.738,635.0519,743.05
Accounts Payable (%)
Capital Expenditure -76.15-53.57-57.94-67.17-76.09-684.21-1,564.36-3,576.72-8,177.76-18,697.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37.03
Beta 1.956
Diluted Shares Outstanding 21.10
Cost of Debt
Tax Rate 67.44
After-tax Cost of Debt 3.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.391
Total Debt 462.13
Total Equity 781.22
Total Capital 1,243.35
Debt Weighting 37.17
Equity Weighting 62.83
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 90.24415.43507.341,127.311,238.682,832.106,475.2614,804.9433,849.7777,393.57
EBITDA 77.86-125.99-6.7768.94145.45410.50938.562,145.914,906.3611,217.83
EBIT 18.89-182.56-60.5216.4694.40-146.44-334.81-765.51-1,750.25-4,001.74
Tax Rate 15.61%-3.95%1.88%32.93%67.44%22.78%22.78%22.78%22.78%22.78%
EBIAT 15.95-189.77-59.3811.0430.74-113.08-258.54-591.11-1,351.51-3,090.06
Depreciation 58.9656.5653.7552.4851.04556.941,273.372,911.426,656.6115,219.57
Accounts Receivable -121.32-75.69-28.83-5.32-997.31-1,447.60-3,309.77-7,567.41-17,302.01
Inventories -8.540.15-2.200.63-129.78-180.01-411.56-940.99-2,151.46
Accounts Payable --65.6248.623.364.38645.06929.372,124.894,858.3211,107.99
Capital Expenditure -76.15-53.57-57.94-67.17-76.09-684.21-1,564.36-3,576.72-8,177.76-18,697.50
UFCF -1.24-122.53-90.49-31.325.38-722.37-1,247.76-2,852.86-6,522.73-14,913.46
WACC
PV UFCF -658.68-1,037.42-2,162.80-4,508.98-9,400.25
SUM PV UFCF -17,768.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.67
Free cash flow (t + 1) -15,435.44
Terminal Value -250,169.14
Present Value of Terminal Value -157,686.50

Intrinsic Value

Enterprise Value -175,454.63
Net Debt 409.42
Equity Value -175,864.05
Shares Outstanding 21.10
Equity Value Per Share -8,335.97