Discounted Cash Flow (DCF) Analysis Unlevered
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 | 29,908.55 | 23,552.99 | 25,324.17 | 24,959.50 | 23,696.55 | 22,497.51 | 21,359.13 | 20,278.36 | 19,252.28 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | 2,904.12 | 4,785.97 | 2,106.97 | 4,792.22 | 3,409.93 | 3,237.39 | 3,073.58 | 2,918.06 | 2,770.40 |
| EBITDA (%) | |||||||||
| EBIT | 1,112.60 | 3,229.11 | 430.51 | 3,192.32 | 1,890.98 | 1,795.30 | 1,704.46 | 1,618.21 | 1,536.33 |
| EBIT (%) | |||||||||
| Depreciation | 1,791.52 | 1,556.85 | 1,676.46 | 1,599.90 | 1,518.95 | 1,442.09 | 1,369.12 | 1,299.84 | 1,234.07 |
| 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 | 116,619.44 | 142,926.59 | 383,375.03 | 380,043.38 | 238,937.08 | 226,846.86 | 215,368.41 | 204,470.77 | 194,124.55 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | 29,908.55 | 23,552.99 | 25,324.17 | 24,959.50 | 23,696.55 | 22,497.51 | 21,359.13 | 20,278.36 | 19,252.28 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2,904.12 | 4,785.97 | 2,106.97 | 4,792.22 | 3,409.93 | 3,237.39 | 3,073.58 | 2,918.06 | 2,770.40 |
| EBIT | 1,112.60 | 3,229.11 | 430.51 | 3,192.32 | 1,890.98 | 1,795.30 | 1,704.46 | 1,618.21 | 1,536.33 |
| Tax Rate | 152.19% | 37.96% | 704.40% | 44.59% | 234.79% | 234.79% | 234.79% | 234.79% | 234.79% |
| EBIAT | -580.61 | 2,003.38 | -2,602.02 | 1,768.72 | -2,548.77 | -2,419.80 | -2,297.36 | -2,181.11 | -2,070.75 |
| Depreciation | 1,791.52 | 1,556.85 | 1,676.46 | 1,599.90 | 1,518.95 | 1,442.09 | 1,369.12 | 1,299.84 | 1,234.07 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | - | -598.88 | -79.90 | 171.86 | -103.13 | -83.69 | -79.46 | -75.44 | -71.62 |
| UFCF | 1,210.91 | 2,961.36 | -1,005.46 | 3,540.48 | -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 | - |