Discounted Cash Flow (DCF) Analysis Levered


MarketAxess Holdings Inc.

MarketAxess Holdings Inc. (MKTX)

$497.105
4.565 (+0.93%)

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 238.73262.77303.11369.94397.51435.59511.38581.18660.51750.67853.14
Revenue (%)
Operating Cash Flow 90.89109.94120.1880.28168.03223.94265.92238.23270.74307.70349.70
Operating Cash Flow (%)
Capital Expenditure 15.334.624.796.4012.0835.8912.2720.9223.7827.0230.71
Capital Expenditure (%)
Free Cash Flow 106.21114.57124.9786.68180.11259.83278.19259.15294.52334.73380.42

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 497.105
Diluted Shares Outstanding 37.96
Cost of Debt
Tax Rate 20.40
After-tax Cost of Debt 3.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.97
Total Debt -
Total Equity 18,868.12
Total Capital 18,868.12
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
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 238.73262.77303.11369.94397.51435.59511.38581.18660.51750.67853.14
Operating Cash Flow 90.89109.94120.1880.28168.03223.94265.92238.23270.74307.70349.70
Capital Expenditure 15.334.624.796.4012.0835.8912.2720.9223.7827.0230.71
Free Cash Flow 106.21114.57124.9786.68180.11259.83278.19259.15294.52334.73380.42
WACC
PV LFCF 249.25272.46297.83325.56
SUM PV LFCF 1,831.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.97
Free cash flow (t + 1) 342.53
Terminal Value -1,141,750.12
Present Value of Terminal Value -939,790.05

Intrinsic Value

Enterprise Value -938,194.54
Net Debt -270.12
Equity Value -937,924.41
Shares Outstanding 37.96
Equity Value Per Share -28,543.53