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Discounted Cash Flow (DCF) Analysis Levered


Acacia Research Corporation

Acacia Research Corporation (ACTG)

Industrials

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 130.56130.88125.05152.7065.40131.51147.76166.02186.55209.60235.51
Revenue (%)
Operating Cash Flow -3.514.19-9.9534.0712.9620.8812.4614.0015.7317.6719.85
Operating Cash Flow (%)
Capital Expenditure -25.73-42.85-19.51-1.22--0.04-16.96-19.06-21.42-24.06-27.04
Capital Expenditure (%)
Free Cash Flow -29.24-38.66-29.4632.8512.9620.84-4.51-5.06-5.69-6.39-7.18

Weighted Average Cost Of Capital

Share price $ 2.76
Diluted Shares Outstanding 49.97
Cost of Debt
Tax Rate -24.65
After-tax Cost of Debt 1.28
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.16
Total Debt -
Total Equity 137.91
Total Capital 137.91
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 130.56130.88125.05152.7065.40131.51147.76166.02186.55209.60235.51
Operating Cash Flow -3.514.19-9.9534.0712.9620.8812.4614.0015.7317.6719.85
Capital Expenditure -25.73-42.85-19.51-1.22--0.04-16.96-19.06-21.42-24.06-27.04
Free Cash Flow -29.24-38.66-29.4632.8512.9620.84-4.51-5.06-5.69-6.39-7.18
WACC
PV LFCF -3.78-3.89-4.01-4.12-4.25
SUM PV LFCF -51.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.16
Free cash flow (t + 1) -46.44
Terminal Value -899.97
Present Value of Terminal Value -580.64

Intrinsic Value

Enterprise Value -291.02
Net Debt -165.46
Equity Value -125.56
Shares Outstanding 49.97
Equity Value Per Share 0.42

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
11.16 (%) 1.42 Sell 1.32 Sell 1.20 Sell 1.06 Sell 0.87 Sell 0.62 Sell 0.28 Sell -0.23 Sell -1.06 Sell
10.66 (%) 1.47 Sell 1.39 Sell 1.28 Sell 1.15 Sell 0.99 Sell 0.78 Sell 0.50 Sell 0.09 Sell -0.53 Sell
10.16 (%) 1.52 Sell 1.45 Sell 1.35 Sell 1.24 Sell 1.10 Sell 0.92 Sell 0.68 Sell 0.35 Sell -0.14 Sell
9.66 (%) 1.57 Sell 1.50 Sell 1.42 Sell 1.32 Sell 1.19 Sell 1.04 Sell 0.84 Sell 0.56 Sell 0.17 Sell
9.16 (%) 1.61 Sell 1.55 Sell 1.48 Sell 1.39 Sell 1.28 Sell 1.14 Sell 0.97 Sell 0.74 Sell 0.42 Sell
8.66 (%) 1.65 Sell 1.60 Sell 1.53 Sell 1.45 Sell 1.35 Sell 1.23 Sell 1.08 Sell 0.89 Sell 0.62 Sell
8.16 (%) 1.69 Sell 1.64 Sell 1.58 Sell 1.50 Sell 1.42 Sell 1.31 Sell 1.18 Sell 1.02 Sell 0.79 Sell
7.66 (%) 1.72 Sell 1.68 Sell 1.62 Sell 1.56 Sell 1.48 Sell 1.38 Sell 1.27 Sell 1.13 Sell 0.94 Sell
7.16 (%) 1.75 Sell 1.71 Sell 1.66 Sell 1.60 Sell 1.53 Sell 1.45 Sell 1.35 Sell 1.22 Sell 1.06 Sell