Discounted Cash Flow (DCF) Analysis Unlevered
Barclays PLC (BCS)
Financial Services
Operating Data
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 | 41,165.56 | 31,063.53 | 29,911.08 | 23,554.97 | 25,326.31 | 24,961.61 | 22,792.44 | 20,811.78 | 19,003.24 | 17,351.86 | 15,843.98 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| EBITDA | 5,602.63 | 3,199.54 | 2,904.37 | 4,786.37 | 2,107.15 | 4,792.63 | 3,095.21 | 2,826.24 | 2,580.64 | 2,356.38 | 2,151.61 |
| EBITDA (%) | |||||||||||
| EBIT | 3,494.96 | 1,472.41 | 1,112.69 | 3,229.39 | 430.55 | 3,192.59 | 1,716.27 | 1,567.13 | 1,430.94 | 1,306.59 | 1,193.05 |
| EBIT (%) | |||||||||||
| Depreciation | 2,107.68 | 1,727.13 | 1,791.67 | 1,556.98 | 1,676.60 | 1,600.04 | 1,378.94 | 1,259.11 | 1,149.70 | 1,049.79 | 958.56 |
| Depreciation (%) |
Balance Sheet Data
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 |
| Total Cash | - | - | 116,620.30 | 142,926.86 | 383,376.97 | 380,042.98 | 229,800.26 | 209,830.62 | 191,596.34 | 174,946.62 | 159,743.75 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | |||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | |||||||||||
| Capital Expenditure | -1,218.50 | -556.04 | -2,264.27 | -1,665.34 | -1,585.43 | -1,757.30 | -1,242.19 | -1,134.24 | -1,035.68 | -945.68 | -863.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 8.79 |
|---|---|
| Diluted Shares Outstanding | 21,325.64 |
| 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 | 102,722.00 |
| Total Equity | 187,452.37 |
| Total Capital | 290,174.37 |
| Debt Weighting | 35.40 |
| Equity Weighting | 64.60 |
| Wacc |
Build Up Free Cash
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 | 41,165.56 | 31,063.53 | 29,911.08 | 23,554.97 | 25,326.31 | 24,961.61 | 22,792.44 | 20,811.78 | 19,003.24 | 17,351.86 | 15,843.98 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5,602.63 | 3,199.54 | 2,904.37 | 4,786.37 | 2,107.15 | 4,792.63 | 3,095.21 | 2,826.24 | 2,580.64 | 2,356.38 | 2,151.61 |
| EBIT | 3,494.96 | 1,472.41 | 1,112.69 | 3,229.39 | 430.55 | 3,192.59 | 1,716.27 | 1,567.13 | 1,430.94 | 1,306.59 | 1,193.05 |
| Tax Rate | 74.42% | 118.37% | 152.19% | 37.96% | 704.40% | 44.59% | 188.66% | 188.66% | 188.66% | 188.66% | 188.66% |
| EBIAT | 894.02 | -270.54 | -580.66 | 2,003.55 | -2,602.24 | 1,768.87 | -1,521.57 | -1,389.35 | -1,268.61 | -1,158.37 | -1,057.71 |
| Depreciation | 2,107.68 | 1,727.13 | 1,791.67 | 1,556.98 | 1,676.60 | 1,600.04 | 1,378.94 | 1,259.11 | 1,149.70 | 1,049.79 | 958.56 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | - | -662.46 | 1,708.23 | -598.93 | -79.91 | 171.87 | -515.11 | -107.95 | -98.57 | -90.00 | -82.18 |
| UFCF | 3,001.70 | 794.13 | 2,919.24 | 2,961.60 | -1,005.55 | 3,540.78 | -657.74 | -238.18 | -217.48 | -198.58 | -181.33 |
| WACC | |||||||||||
| PV UFCF | -614.94 | -208.19 | -177.73 | -151.73 | -129.53 | ||||||
| SUM PV UFCF | 8,939.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.96 |
| Free cash flow (t + 1) | -188.58 |
| Terminal Value | -6,370.98 |
| Present Value of Terminal Value | -4,550.92 |
Intrinsic Value
| Enterprise Value | 4,388.15 |
|---|---|
| Net Debt | -277,320.98 |
| Equity Value | 281,709.13 |
| Shares Outstanding | 21,325.64 |
| Equity Value Per Share | 13.21 |