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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


CoStar Group Inc.

CoStar Group Inc. (CSGP)

$526.75
-10.95 (-2.04%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 440.94575.92711.72837.55965.111,191.711,399.551,698.212,060.612,500.343,033.92
Revenue (%)
Operating Cash Flow 108.30143.92131.24195.90234.71335.47457.79428.29519.69630.59765.15
Operating Cash Flow (%)
Capital Expenditure 19.0527.4735.0918.7624.5129.6746.1959.6172.3387.76106.49
Capital Expenditure (%)
Free Cash Flow 127.34171.39166.33214.66259.23365.14503.98487.90592.01718.35871.64

Weighted Average Cost Of Capital

Share price $ 526.75
Diluted Shares Outstanding 36.63
Cost of Debt
Tax Rate 19.44
After-tax Cost of Debt -0.92
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.35
Total Debt 133.72
Total Equity 19,294.85
Total Capital 19,428.57
Debt Weighting 0.69
Equity Weighting 99.31
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 440.94575.92711.72837.55965.111,191.711,399.551,698.212,060.612,500.343,033.92
Operating Cash Flow 108.30143.92131.24195.90234.71335.47457.79428.29519.69630.59765.15
Capital Expenditure 19.0527.4735.0918.7624.5129.6746.1959.6172.3387.76106.49
Free Cash Flow 127.34171.39166.33214.66259.23365.14503.98487.90592.01718.35871.64
WACC
PV LFCF 430.70461.34494.17529.33
SUM PV LFCF 1,813.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.28
Free cash flow (t + 1) 478.90
Terminal Value 5,160.53
Present Value of Terminal Value 2,766.48

Intrinsic Value

Enterprise Value 3,902.39
Net Debt -947.01
Equity Value 4,849.40
Shares Outstanding 36.63
Equity Value Per Share 218.32