Discounted Cash Flow (DCF) Analysis Levered
CoStar Group, Inc. (CSGP)
$96.15
+0.97 (+1.02%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,399.72 | 1,659.02 | 1,944.14 | 2,182.40 | 2,455 | 2,826.06 | 3,253.20 | 3,744.90 | 4,310.91 | 4,962.48 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 457.78 | 486.11 | 469.73 | 478.62 | 489.50 | 723.68 | 833.06 | 958.97 | 1,103.91 | 1,270.76 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -46.20 | -48.35 | -65.22 | -58.57 | -25.30 | -75.08 | -86.43 | -99.49 | -114.53 | -131.84 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 411.58 | 437.76 | 404.51 | 420.05 | 464.20 | 648.60 | 746.63 | 859.48 | 989.38 | 1,138.92 |
Weighted Average Cost Of Capital
Share price | $ 96.15 |
---|---|
Beta | 0.829 |
Diluted Shares Outstanding | 406.90 |
Cost of Debt | |
Tax Rate | 25.25 |
After-tax Cost of Debt | 14.38% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.269 |
Total Debt | 1,110.40 |
Total Equity | 39,123.43 |
Total Capital | 40,233.83 |
Debt Weighting | 2.76 |
Equity Weighting | 97.24 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,399.72 | 1,659.02 | 1,944.14 | 2,182.40 | 2,455 | 2,826.06 | 3,253.20 | 3,744.90 | 4,310.91 | 4,962.48 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 457.78 | 486.11 | 469.73 | 478.62 | 489.50 | 723.68 | 833.06 | 958.97 | 1,103.91 | 1,270.76 |
Capital Expenditure | -46.20 | -48.35 | -65.22 | -58.57 | -25.30 | -75.08 | -86.43 | -99.49 | -114.53 | -131.84 |
Free Cash Flow | 411.58 | 437.76 | 404.51 | 420.05 | 464.20 | 648.60 | 746.63 | 859.48 | 989.38 | 1,138.92 |
WACC | ||||||||||
PV LFCF | 598.12 | 634.93 | 674.01 | 715.50 | 759.53 | |||||
SUM PV LFCF | 3,382.09 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.44 |
Free cash flow (t + 1) | 1,184.48 |
Terminal Value | 26,677.46 |
Present Value of Terminal Value | 17,790.86 |
Intrinsic Value
Enterprise Value | 21,172.95 |
---|---|
Net Debt | -4,105.50 |
Equity Value | 25,278.45 |
Shares Outstanding | 406.90 |
Equity Value Per Share | 62.12 |