Loading...

Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Fair Isaac Corproation

Fair Isaac Corproation (FICO)

$402.65
5.04 (+1.27%)

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 743.44789.02838.80881.42932.271,032.591,160.211,249.901,346.511,450.601,562.73
Revenue (%)
EBITDA 194.78194.49171.37201.23213.40236.67285.18293.73316.43340.89367.24
EBITDA (%)
EBIT 161.55161.83137.48169.58177.23206.52253.62247.73266.88287.51309.73
EBIT (%)
Depreciation 33.2332.6733.8931.6436.1730.1531.5646.0049.5553.3857.51
Depreciation (%)

Balance Sheet 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
Total Cash 83.19105.1086.1575.89105.6390.04106.39129.61139.63150.43162.06
Total Cash (%)
Account Receivables 143.71155.28158.79167.82168.55208.89297.36251.60271.05292.01314.58
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 19.1822.0119.8822.9219.4820.2423.0929.2531.5133.9436.57
Accounts Payable (%)
Capital Expenditure 24.1612.6225.0021.9519.8631.2924.0231.3733.8036.4139.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 402.65
Diluted Shares Outstanding 30.29
Cost of Debt
Tax Rate 11.08
After-tax Cost of Debt -0.50
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.80
Total Debt 606.79
Total Equity 12,197.88
Total Capital 12,804.67
Debt Weighting 4.74
Equity Weighting 95.26
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 743.44789.02838.80881.42932.271,032.591,160.211,249.901,346.511,450.601,562.73
EBITDA 194.78194.49171.37201.23213.40236.67285.18293.73316.43340.89367.24
EBIT 161.55161.83137.48169.58177.23206.52253.62247.73266.88287.51309.73
Tax Rate 31.74%28.73%20.81%24.29%15.24%24.25%11.08%22.31%22.31%22.31%22.31%
EBIAT 110.28115.33108.87128.39150.21156.43225.51192.47207.34223.37240.64
Depreciation 33.2332.6733.8931.6436.1730.1531.5646.0049.5553.3857.51
Accounts Receivable --11.57-3.51-9.04-0.73-40.34-88.4745.76-19.45-20.95-22.57
Inventories -----------
Accounts Payable -2.83-2.133.04-3.430.752.856.162.262.442.62
Capital Expenditure -11.54-12.373.052.09-11.437.27-7.36-2.43-2.61-2.81
UFCF 143.51150.80124.74157.08184.30135.57178.72283.02237.28255.62275.38
WACC
PV UFCF 253.95191.03184.66178.49
SUM PV UFCF 1,082.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.45
Free cash flow (t + 1) 286.40
Terminal Value 3,844.28
Present Value of Terminal Value 2,235.71

Intrinsic Value

Enterprise Value 3,317.78
Net Debt 500.40
Equity Value 2,817.38
Shares Outstanding 30.29
Equity Value Per Share 93.00