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Discounted Cash Flow (DCF) Analysis Unlevered


CoStar Group Inc.

CoStar Group Inc. (CSGP)

Industrials

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 440.94575.92711.72837.55965.111,191.711,455.321,777.242,170.362,650.453,236.73
Revenue (%)
EBITDA 97.23154.5893.31218.27239.73400.53355.39434.00530.00647.24790.41
EBITDA (%)
EBIT 54.1580.9211.46144.90173.82273.62209.13255.39311.88380.87465.12
EBIT (%)
Depreciation 43.0873.6681.8573.3765.92126.92146.26178.61218.12266.37325.29
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 255.97527.02421.83567.191,211.501,100.431,199.181,464.441,788.382,183.972,667.06
Total Cash (%)
Account Receivables 20.7738.7040.2848.5860.9089.1488.92108.59132.61161.94197.76
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 4.948.589.6811.479.276.3216.5920.2624.7430.2236.90
Accounts Payable (%)
Capital Expenditure 19.0527.4735.0918.7624.5129.6751.6663.0977.0594.09114.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 646.41
Diluted Shares Outstanding 36.06
Cost of Debt
Tax Rate 16.08
After-tax Cost of Debt -0.75
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.35
Total Debt 4.00
Total Equity 23,308.25
Total Capital 23,312.25
Debt Weighting 0.02
Equity Weighting 99.98
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 440.94575.92711.72837.55965.111,191.711,455.321,777.242,170.362,650.453,236.73
EBITDA 97.23154.5893.31218.27239.73400.53355.39434.00530.00647.24790.41
EBIT 54.1580.9211.46144.90173.82273.62209.13255.39311.88380.87465.12
Tax Rate 37.45%36.73%234.25%37.75%25.67%16.08%64.65%64.65%64.65%64.65%64.65%
EBIAT 33.8751.20-15.3890.20129.20229.6173.9290.27110.24134.62164.40
Depreciation 43.0873.6681.8573.3765.92126.92146.26178.61218.12266.37325.29
Accounts Receivable --17.93-1.58-8.29-12.32-28.240.22-19.67-24.02-29.33-35.82
Inventories -----------
Accounts Payable -3.641.101.80-2.21-2.9510.273.674.485.476.68
Capital Expenditure --8.42-7.6216.33-5.75-5.16-21.99-11.43-13.96-17.04-20.81
UFCF 76.95102.1458.36173.39174.84320.18208.68241.45294.86360.09439.74
WACC
PV UFCF 208.68213.03229.54247.32266.48
SUM PV UFCF 1,022.00

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.34
Free cash flow (t + 1) 457.33
Terminal Value 4,896.43
Present Value of Terminal Value 2,617.96

Intrinsic Value

Enterprise Value 3,639.96
Net Debt -1,096.43
Equity Value 4,736.39
Shares Outstanding 36.06
Equity Value Per Share 131.35