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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


CoStar Group Inc.

CoStar Group Inc. (CSGP)

$722.03
-4.22 (-0.58%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 440.94575.92711.72837.55965.111,191.711,399.551,698.212,060.612,500.343,033.92
Revenue (%)
EBITDA 97.23154.5893.31218.27239.73400.53498.94441.87536.17650.59789.43
EBITDA (%)
EBIT 54.1580.9211.46144.90173.82273.62363.46272.05330.11400.56486.03
EBIT (%)
Depreciation 43.0873.6681.8573.3765.92126.92135.48169.82206.06250.03303.39
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 255.97527.02421.83567.191,211.501,100.431,070.791,385.061,680.632,039.282,474.46
Total Cash (%)
Account Receivables 20.7738.7040.2848.5860.9089.1492.23104.95127.35154.52187.50
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 4.948.589.6811.479.276.327.7017.8321.6426.2531.86
Accounts Payable (%)
Capital Expenditure 19.0527.4735.0918.7624.5129.6746.1959.6172.3387.76106.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 722.03
Diluted Shares Outstanding 36.63
Cost of Debt
Tax Rate 19.44
After-tax Cost of Debt -0.92
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.35
Total Debt 133.72
Total Equity 26,447.96
Total Capital 26,581.68
Debt Weighting 0.50
Equity Weighting 99.50
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 440.94575.92711.72837.55965.111,191.711,399.551,698.212,060.612,500.343,033.92
EBITDA 97.23154.5893.31218.27239.73400.53498.94441.87536.17650.59789.43
EBIT 54.1580.9211.46144.90173.82273.62363.46272.05330.11400.56486.03
Tax Rate 37.45%36.73%234.25%37.75%25.67%16.08%19.44%58.19%58.19%58.19%58.19%
EBIAT 33.8751.20-15.3890.20129.20229.61292.82113.73138.00167.45203.19
Depreciation 43.0873.6681.8573.3765.92126.92135.48169.82206.06250.03303.39
Accounts Receivable --17.93-1.58-8.29-12.32-28.24-3.09-12.72-22.40-27.18-32.97
Inventories -----------
Accounts Payable -3.641.101.80-2.21-2.951.3810.133.814.625.60
Capital Expenditure --8.42-7.6216.33-5.75-5.16-16.51-13.42-12.72-15.43-18.73
UFCF 76.95102.1458.36173.39174.84320.18410.08267.55312.75379.49460.48
WACC
PV UFCF 208.42215.04230.30246.64
SUM PV UFCF 1,134.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.30
Free cash flow (t + 1) 478.90
Terminal Value 5,149.43
Present Value of Terminal Value 2,758.10

Intrinsic Value

Enterprise Value 3,892.69
Net Debt -937.07
Equity Value 4,829.77
Shares Outstanding 36.63
Equity Value Per Share 131.85