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Discounted Cash Flow (DCF) Analysis Unlevered


Nielsen N.V.

Nielsen N.V. (NLSN)

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 5,703.006,288.136,172.436,309.456,572.566,515.386,697.166,884.017,076.077,273.497,476.42
Revenue (%)
EBITDA 1,661.281,492.801,838.151,747.091,831.11175.261,572.491,616.361,661.461,707.821,755.46
EBITDA (%)
EBIT 1,140.03919.951,264.111,143.901,190.95-499.73934.25960.32987.111,014.651,042.96
EBIT (%)
Depreciation 521.25572.85574.04603.18640.17674.99638.24656.05674.35693.16712.50
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 564.03272.90356.77753.98655.94523.84557.87573.44589.44605.88622.79
Total Cash (%)
Account Receivables 1,195.921,241.281,235.101,171.031,279.681,118.041,293.891,329.991,367.101,405.241,444.44
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 1,025.971,035.031,012.901,012.041,141.001,118.691,132.491,164.091,196.561,229.951,264.26
Accounts Payable (%)
Capital Expenditure -374.12-411.87-401.21-391.19-446.93-516.02-452.06-464.67-477.63-490.96-504.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.49
Diluted Shares Outstanding 355.60
Cost of Debt
Tax Rate 20.36
After-tax Cost of Debt -0.97
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.79
Total Debt 8,280.00
Total Equity 6,930.67
Total Capital 15,210.67
Debt Weighting 54.44
Equity Weighting 45.56
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 5,703.006,288.136,172.436,309.456,572.566,515.386,697.166,884.017,076.077,273.497,476.42
EBITDA 1,661.281,492.801,838.151,747.091,831.11175.261,572.491,616.361,661.461,707.821,755.46
EBIT 1,140.03919.951,264.111,143.901,190.95-499.73934.25960.32987.111,014.651,042.96
Tax Rate 10.95%38.06%40.19%38.10%47.49%20.36%32.53%32.53%32.53%32.53%32.53%
EBIAT 1,015.19569.78756.08708.06625.36-397.99630.38647.97666.05684.63703.73
Depreciation 521.25572.85574.04603.18640.17674.99638.24656.05674.35693.16712.50
Accounts Receivable --45.366.1764.07-108.64161.64-175.85-36.10-37.11-38.14-39.21
Inventories -----------
Accounts Payable -9.06-22.13-0.86128.96-22.3113.8031.6032.4833.3834.32
Capital Expenditure -37.76-10.66-10.0255.7569.08-63.9612.6112.9613.3313.70
UFCF 1,536.441,144.081,303.491,364.441,341.59485.411,042.611,312.121,348.731,386.361,425.04
WACC
PV UFCF 977.781,154.031,112.471,072.411,033.79
SUM PV UFCF 9,521.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.63
Free cash flow (t + 1) 1,482.04
Terminal Value 56,351.45
Present Value of Terminal Value 40,879.73

Intrinsic Value

Enterprise Value 50,401.08
Net Debt 7,756.16
Equity Value 42,644.92
Shares Outstanding 355.60
Equity Value Per Share 119.92