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Discounted Cash Flow (DCF) Analysis Unlevered


Micro Focus Intl PLC ADS each representing One Ord Sh

Micro Focus Intl PLC ADS each representing One Ord Sh (MFGP)

Technology

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 433.00835.001,244.981,380.933,208.875,497.129,417.1216,132.4627,636.5347,344.13
Revenue (%)
EBITDA 194.98255.01493.01526.00870.891,860.233,186.755,459.239,352.2016,021.25
EBITDA (%)
EBIT 152.98138.03278.00277.98241.95914.171,566.072,682.834,595.957,873.33
EBIT (%)
Depreciation 42.00116.98215.01248.02628.94946.051,620.692,776.404,756.258,147.93
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash ----------
Total Cash (%)
Account Receivables 96.00196.98244.02264.03666.481,141.751,955.943,350.715,740.119,833.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.9819.0421.0416.9955.5195.10162.92279.09478.11819.05
Accounts Payable (%)
Capital Expenditure -22.00-25.97-44.94-42.95-121.94-187.45-321.12-550.12-942.41-1,614.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.36
Diluted Shares Outstanding 379.00
Cost of Debt
Tax Rate -842.86
After-tax Cost of Debt 42.19
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.12
Total Debt 1,490.00
Total Equity 7,337.44
Total Capital 8,827.44
Debt Weighting 16.88
Equity Weighting 83.12
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 433.00835.001,244.981,380.933,208.875,497.129,417.1216,132.4627,636.5347,344.13
EBITDA 194.98255.01493.01526.00870.891,860.233,186.755,459.239,352.2016,021.25
EBIT 152.98138.03278.00277.98241.95914.171,566.072,682.834,595.957,873.33
Tax Rate 17.57%-10.99%16.41%19.39%-842.86%-160.10%-160.10%-160.10%-160.10%-160.10%
EBIAT 126.10153.19232.38224.092,281.232,377.724,073.286,977.9311,953.9020,478.22
Depreciation 42.00116.98215.01248.02628.94946.051,620.692,776.404,756.258,147.93
Accounts Receivable --100.98-47.04-20.02-402.45-475.27-814.18-1,394.78-2,389.39-4,093.27
Inventories ----------
Accounts Payable -14.062.00-4.0538.5339.5967.82116.18199.02340.94
Capital Expenditure -3.9718.98-2.0078.9965.51133.67228.99392.29672.03
UFCF 168.11187.23421.33446.032,625.242,953.615,081.278,704.7214,912.0625,545.85
WACC
PV UFCF 2,953.614,130.445,751.808,009.5911,153.66
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 23.02
Free cash flow (t + 1) 26,567.68
Terminal Value 139,682.88
Present Value of Terminal Value 49,575.21

Intrinsic Value

Enterprise Value -
Net Debt 1,490.00
Equity Value -
Shares Outstanding 379.00
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
25.02 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
24.52 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
24.02 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
23.52 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
23.02 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
22.52 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
22.02 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
21.52 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
21.02 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell