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Discounted Cash Flow (DCF) Analysis Unlevered


Barclays PLC

Barclays PLC (BCS)

Financial Services

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 29,908.5523,552.9925,324.1724,959.5023,696.5522,497.5121,359.1320,278.3619,252.28
Revenue (%)
EBITDA 2,904.124,785.972,106.974,792.223,409.933,237.393,073.582,918.062,770.40
EBITDA (%)
EBIT 1,112.603,229.11430.513,192.321,890.981,795.301,704.461,618.211,536.33
EBIT (%)
Depreciation 1,791.521,556.851,676.461,599.901,518.951,442.091,369.121,299.841,234.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 116,619.44142,926.59383,375.03380,043.38238,937.08226,846.86215,368.41204,470.77194,124.55
Total Cash (%)
Account Receivables ---------
Account Receivables (%)
Inventories ---------
Inventories (%)
Accounts Payable ---------
Accounts Payable (%)
Capital Expenditure -2,264.08-1,665.20-1,585.29-1,757.15-1,654.02-1,570.33-1,490.87-1,415.43-1,343.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.81
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 44.59
After-tax Cost of Debt -2.18
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.25
Total Debt 162,804.66
Total Equity -
Total Capital 162,804.66
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 29,908.5523,552.9925,324.1724,959.5023,696.5522,497.5121,359.1320,278.3619,252.28
EBITDA 2,904.124,785.972,106.974,792.223,409.933,237.393,073.582,918.062,770.40
EBIT 1,112.603,229.11430.513,192.321,890.981,795.301,704.461,618.211,536.33
Tax Rate 152.19%37.96%704.40%44.59%234.79%234.79%234.79%234.79%234.79%
EBIAT -580.612,003.38-2,602.021,768.72-2,548.77-2,419.80-2,297.36-2,181.11-2,070.75
Depreciation 1,791.521,556.851,676.461,599.901,518.951,442.091,369.121,299.841,234.07
Accounts Receivable ---------
Inventories ---------
Accounts Payable ---------
Capital Expenditure --598.88-79.90171.86-103.13-83.69-79.46-75.44-71.62
UFCF 1,210.912,961.36-1,005.463,540.48-1,132.95-1,061.41-1,007.70-956.71-908.30
WACC
PV UFCF -1,164.33-1,061.41-980.54-905.83-836.82
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.77
Free cash flow (t + 1) -207.58
Terminal Value 16,876.48
Present Value of Terminal Value 14,721.44

Intrinsic Value

Enterprise Value -
Net Debt -217,238.72
Equity Value -
Shares Outstanding -
Equity Value Per Share -