Discounted Cash Flow (DCF) Analysis Unlevered
CoStar Group, Inc. (CSGP)
$96.15
+0.97 (+1.02%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,399.72 | 1,659.02 | 1,944.14 | 2,182.40 | 2,455 | 2,826.06 | 3,253.20 | 3,744.90 | 4,310.91 | 4,962.48 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 474.73 | 406.15 | 575.15 | 588.83 | 389.80 | 739.52 | 851.29 | 979.96 | 1,128.08 | 1,298.58 |
EBITDA (%) | ||||||||||
EBIT | 393.56 | 289.20 | 435.59 | 450.95 | 282.30 | 565.87 | 651.40 | 749.85 | 863.19 | 993.65 |
EBIT (%) | ||||||||||
Depreciation | 81.17 | 116.94 | 139.56 | 137.88 | 107.50 | 173.65 | 199.90 | 230.11 | 264.89 | 304.92 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Total Cash | 1,070.73 | 3,755.91 | 3,827.13 | 4,967.97 | 5,215.90 | 5,312.10 | 6,114.99 | 7,039.23 | 8,103.16 | 9,327.90 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 92.24 | 103.95 | 124.82 | 153.95 | 190 | 192.56 | 221.67 | 255.17 | 293.74 | 338.13 |
Account Receivables (%) | ||||||||||
Inventories | - | 15.11 | 13.37 | - | 9.81 | 11.30 | 13 | 14.97 | 17.23 | 19.83 |
Inventories (%) | ||||||||||
Accounts Payable | 7.64 | 15.73 | 22.24 | 28.46 | 23.10 | 27.60 | 31.77 | 36.57 | 42.10 | 48.47 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -46.20 | -48.35 | -65.22 | -58.57 | -25.30 | -75.08 | -86.43 | -99.49 | -114.53 | -131.84 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 96.15 |
---|---|
Beta | 0.829 |
Diluted Shares Outstanding | 406.90 |
Cost of Debt | |
Tax Rate | 25.25 |
After-tax Cost of Debt | 14.38% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.269 |
Total Debt | 1,110.40 |
Total Equity | 39,123.43 |
Total Capital | 40,233.83 |
Debt Weighting | 2.76 |
Equity Weighting | 97.24 |
Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 1,399.72 | 1,659.02 | 1,944.14 | 2,182.40 | 2,455 | 2,826.06 | 3,253.20 | 3,744.90 | 4,310.91 | 4,962.48 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 474.73 | 406.15 | 575.15 | 588.83 | 389.80 | 739.52 | 851.29 | 979.96 | 1,128.08 | 1,298.58 |
EBIT | 393.56 | 289.20 | 435.59 | 450.95 | 282.30 | 565.87 | 651.40 | 749.85 | 863.19 | 993.65 |
Tax Rate | 19.44% | 16.18% | 27.57% | 24.04% | 25.25% | 22.50% | 22.50% | 22.50% | 22.50% | 22.50% |
EBIAT | 317.07 | 242.40 | 315.50 | 342.53 | 211.01 | 438.57 | 504.85 | 581.16 | 669 | 770.11 |
Depreciation | 81.17 | 116.94 | 139.56 | 137.88 | 107.50 | 173.65 | 199.90 | 230.11 | 264.89 | 304.92 |
Accounts Receivable | - | -11.71 | -20.87 | -29.13 | -36.06 | -2.56 | -29.10 | -33.50 | -38.57 | -44.40 |
Inventories | - | - | 1.74 | 13.37 | - | -1.48 | -1.71 | -1.97 | -2.26 | -2.60 |
Accounts Payable | - | 8.09 | 6.51 | 6.22 | -5.36 | 4.50 | 4.17 | 4.80 | 5.53 | 6.36 |
Capital Expenditure | -46.20 | -48.35 | -65.22 | -58.57 | -25.30 | -75.08 | -86.43 | -99.49 | -114.53 | -131.84 |
UFCF | 352.04 | 307.38 | 377.22 | 412.30 | 251.79 | 537.59 | 591.68 | 681.11 | 784.05 | 902.56 |
WACC | ||||||||||
PV UFCF | 495.75 | 503.16 | 534.13 | 567.01 | 601.90 | |||||
SUM PV UFCF | 2,701.95 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.44 |
Free cash flow (t + 1) | 938.66 |
Terminal Value | 21,141 |
Present Value of Terminal Value | 14,098.67 |
Intrinsic Value
Enterprise Value | 16,800.62 |
---|---|
Net Debt | -4,105.50 |
Equity Value | 20,906.12 |
Shares Outstanding | 406.90 |
Equity Value Per Share | 51.38 |