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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 -3.514.19-9.9534.0724.4820.8816.7918.8621.1923.8126.75
Operating Cash Flow (%)
Capital Expenditure 0.680.100.01--0.040.160.180.210.230.26
Capital Expenditure (%)
Free Cash Flow -2.834.29-9.9434.0724.4820.9216.9519.0421.4024.0427.01

Weighted Average Cost Of Capital

Share price $ 2.51
Diluted Shares Outstanding 49.97
Cost of Debt
Tax Rate -1.31
After-tax Cost of Debt 0.12
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.55
Total Debt -
Total Equity 125.42
Total Capital 125.42
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 -3.514.19-9.9534.0724.4820.8816.7918.8621.1923.8126.75
Capital Expenditure 0.680.100.01--0.040.160.180.210.230.26
Free Cash Flow -2.834.29-9.9434.0724.4820.9216.9519.0421.4024.0427.01
WACC
PV LFCF 15.7616.4617.2017.9718.77
SUM PV LFCF 104.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.55
Free cash flow (t + 1) -51.54
Terminal Value -1,451.90
Present Value of Terminal Value -1,008.98

Intrinsic Value

Enterprise Value -1,233.63
Net Debt -131.82
Equity Value -1,101.81
Shares Outstanding 49.97
Equity Value Per Share 15.74