DCF Tool

FDS

Factset Research Systems Inc. – Data Processing, Hosting, and Related Services
FactSet Research Systems Inc. delivers superior content, analytics, and flexible technology to help more than 138,000 users see and seize opportunity sooner. the company gives investment professionals the edge to outperform with informed insights, workflow solutions across the portfolio lifecycle, and industry-leading support from dedicated specialists. FactSet is proud to have been recognized with multiple awards for our analytical and data-driven solutions and repeatedly scored 100 by the Human Rights Campaign® Corporate Equality Index for our LGBTQ+ inclusive policies and practices.
Analysis Results
Intrinsic Value $861.36
Latest Price $364.57
Relative Value 58% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 15.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 0.623 0.606
2023 0.722 0.684
2024 0.836 0.772
2025 0.969 0.871
2026 1.12 0.983
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 33.7 billion. This corresponds to a present value of 28.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.92 billion. Adding in the terminal value gives a total present value of 32.6 billion.

There are presently 37.9 million outstanding shares, so the intrinsic value per share is 861.36.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,867,156,000
Current Cash 1,435,698,000
Current Liabilities 631,410,000
Current Debt 0
Non-Cash Working Capital (NCWC) -199,952,000
Change in NCWC -160,412,000
EBIT 948,082,000
Tax Provision 136,054,000
Depreciation and Amortization 214,644,000
Capital Expenditure -122,650,000
Unlevered Free Cash Flow 741,740,925
Current Assets 841,930,000
Current Cash 605,177,000
Current Liabilities 276,293,000
Current Debt 0
Non-Cash Working Capital (NCWC) -39,540,000
Change in NCWC -18,817,000
EBIT 439,660,000
Tax Provision 54,196,000
Depreciation and Amortization 100,799,000
Capital Expenditure -77,642,000
Unlevered Free Cash Flow 388,214,664
Current Assets 583,812,000
Current Cash 385,612,000
Current Liabilities 218,923,000
Current Debt 0
Non-Cash Working Capital (NCWC) -20,723,000
Change in NCWC 7,377,000
EBIT 438,035,000
Tax Provision 69,175,000
Depreciation and Amortization 60,463,000
Capital Expenditure -59,370,000
Unlevered Free Cash Flow 374,695,558
Current Assets 430,916,000
Current Cash 237,882,000
Current Liabilities 221,134,000
Current Debt 0
Non-Cash Working Capital (NCWC) -28,100,000
Change in NCWC -9,163,000
EBIT 366,204,000
Tax Provision 84,753,000
Depreciation and Amortization 57,285,000
Capital Expenditure -33,520,000
Unlevered Free Cash Flow 292,592,425
Current Assets 409,377,000
Current Cash 227,175,000
Current Liabilities 201,139,000
Current Debt 0
Non-Cash Working Capital (NCWC) -18,937,000
Change in NCWC 22,621,000
EBIT 352,135,000
Tax Provision 86,053,000
Depreciation and Amortization 48,294,000
Capital Expenditure -36,862,000
Unlevered Free Cash Flow 298,179,818
Current Assets 369,276,000
Current Cash 252,624,000
Current Liabilities 158,210,000
Current Debt 0
Non-Cash Working Capital (NCWC) -41,558,000
Change in NCWC -23,541,000
EBIT 349,676,000
Tax Provision 122,178,000
Depreciation and Amortization 38,052,000
Capital Expenditure -47,740,000
Unlevered Free Cash Flow 223,771,592
Current Assets 304,174,000
Current Cash 182,411,000
Current Liabilities 139,780,000
Current Debt 0
Non-Cash Working Capital (NCWC) -18,017,000
Change in NCWC -4,115,000
EBIT 331,918,000
Tax Provision 92,703,000
Depreciation and Amortization 31,349,000
Capital Expenditure -25,682,000
Unlevered Free Cash Flow 241,276,964
Current Assets 249,775,000
Current Cash 136,386,000
Current Liabilities 127,291,000
Current Debt 0
Non-Cash Working Capital (NCWC) -13,902,000
Change in NCWC -4,331,000
EBIT 302,219,000
Tax Provision 91,921,000
Depreciation and Amortization 34,435,000
Capital Expenditure -17,743,000
Unlevered Free Cash Flow 223,036,117
Current Assets 318,034,000
Current Cash 209,352,000
Current Liabilities 118,253,000
Current Debt 0
Non-Cash Working Capital (NCWC) -9,571,000
Change in NCWC 7,443,000
EBIT 269,419,000
Tax Provision 72,273,000
Depreciation and Amortization 35,779,000
Capital Expenditure -18,517,000
Unlevered Free Cash Flow 222,248,766
Current Assets 299,125,000
Current Cash 202,963,000
Current Liabilities 113,176,000
Current Debt 0
Non-Cash Working Capital (NCWC) -17,014,000
Change in NCWC 924,000
EBIT 272,990,000
Tax Provision 85,896,000
Depreciation and Amortization 33,779,000
Capital Expenditure -22,520,000
Unlevered Free Cash Flow 199,813,253

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.