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Discounted Cash Flow (DCF) Analysis Unlevered


Worldpay Inc. Class A

Worldpay Inc. Class A (WP)

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 2,108.082,577.123,159.813,578.804,026.153,925.104,459.705,067.115,757.256,541.387,432.32
Revenue (%)
EBITDA 443.75512.07618.69734.731,220.331,385.171,089.951,238.401,407.071,598.711,816.46
EBITDA (%)
EBIT 258.24271.37341.89464.53901.86290.06567.72645.04732.90832.72946.13
EBIT (%)
Depreciation 185.51240.70276.80270.20318.471,095.10522.23593.36674.17766.00870.32
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 171.39411.57197.17139.22126.42196.65314.85357.74406.46461.82524.72
Total Cash (%)
Account Receivables 477.27613.87684.10941.94986.411,694.861,205.011,369.131,555.611,767.482,008.21
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 235.68301.78369.70475.62631.701,188.52697.50792.50900.431,023.071,162.41
Accounts Payable (%)
Capital Expenditure -61.56-103.08-84.68-118.10-110.72-304.98-173.93-197.62-224.53-255.11-289.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 135.09
Diluted Shares Outstanding 292.99
Cost of Debt
Tax Rate 185.91
After-tax Cost of Debt -9.25
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.60
Total Debt 7,656.40
Total Equity 39,580.41
Total Capital 47,236.81
Debt Weighting 16.21
Equity Weighting 83.79
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 2,108.082,577.123,159.813,578.804,026.153,925.104,459.705,067.115,757.256,541.387,432.32
EBITDA 443.75512.07618.69734.731,220.331,385.171,089.951,238.401,407.071,598.711,816.46
EBIT 258.24271.37341.89464.53901.86290.06567.72645.04732.90832.72946.13
Tax Rate 38.54%34.56%37.34%39.94%82.91%185.91%69.87%69.87%69.87%69.87%69.87%
EBIAT 158.71177.58214.22278.98154.16-249.18171.07194.37220.84250.92285.10
Depreciation 185.51240.70276.80270.20318.471,095.10522.23593.36674.17766.00870.32
Accounts Receivable --136.60-70.23-257.84-44.47-708.45489.85-164.12-186.48-211.87-240.73
Inventories -----------
Accounts Payable -66.1067.92105.92156.08556.82-491.0295.00107.94122.64139.34
Capital Expenditure -41.53-18.4033.42-7.38194.26-131.0523.6926.9230.5834.75
UFCF 344.22389.31470.30430.68576.86888.55561.07742.29843.39958.261,088.78
WACC
PV UFCF 522.66644.13681.75721.57763.71
SUM PV UFCF 4,526.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.35
Free cash flow (t + 1) 1,132.33
Terminal Value 33,800.94
Present Value of Terminal Value 23,709.29

Intrinsic Value

Enterprise Value 28,235.81
Net Debt 7,459.75
Equity Value 20,776.05
Shares Outstanding 292.99
Equity Value Per Share 70.91