Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Barclays PLC

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 41,165.5631,063.5329,911.0823,554.9725,326.3124,961.6122,792.4420,811.7819,003.2417,351.8615,843.98
Revenue (%)
EBITDA 5,602.633,199.542,904.374,786.372,107.154,792.633,095.212,826.242,580.642,356.382,151.61
EBITDA (%)
EBIT 3,494.961,472.411,112.693,229.39430.553,192.591,716.271,567.131,430.941,306.591,193.05
EBIT (%)
Depreciation 2,107.681,727.131,791.671,556.981,676.601,600.041,378.941,259.111,149.701,049.79958.56
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 --116,620.30142,926.86383,376.97380,042.98229,800.26209,830.62191,596.34174,946.62159,743.75
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 41,165.5631,063.5329,911.0823,554.9725,326.3124,961.6122,792.4420,811.7819,003.2417,351.8615,843.98
EBITDA 5,602.633,199.542,904.374,786.372,107.154,792.633,095.212,826.242,580.642,356.382,151.61
EBIT 3,494.961,472.411,112.693,229.39430.553,192.591,716.271,567.131,430.941,306.591,193.05
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 894.02-270.54-580.662,003.55-2,602.241,768.87-1,521.57-1,389.35-1,268.61-1,158.37-1,057.71
Depreciation 2,107.681,727.131,791.671,556.981,676.601,600.041,378.941,259.111,149.701,049.79958.56
Accounts Receivable -----------
Inventories -----------
Accounts Payable -----------
Capital Expenditure --662.461,708.23-598.93-79.91171.87-515.11-107.95-98.57-90.00-82.18
UFCF 3,001.70794.132,919.242,961.60-1,005.553,540.78-657.74-238.18-217.48-198.58-181.33
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