DCF Tool

FIS

Fidelity National Information Services, Inc. – Data Processing, Hosting, and Related Services
FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Its employees are dedicated to advancing the way the world pays, banks and invests by applying its scale, deep expertise and data-driven insights. The Company helps its clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor's 500® Index.
Analysis Results
Intrinsic Value $197.43
Latest Price $104.20
Relative Value 47% 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 17.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.0%, 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 3.87 3.62
2023 4.53 3.96
2024 5.3 4.32
2025 6.19 4.73
2026 7.24 5.17
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 148 billion. This corresponds to a present value of 98.8 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 21.8 billion. Adding in the terminal value gives a total present value of 121 billion.

There are presently 611.0 million outstanding shares, so the intrinsic value per share is 197.43.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 10,708,000,000
Current Cash 2,010,000,000
Current Liabilities 14,466,000,000
Current Debt 5,528,000,000
Non-Cash Working Capital (NCWC) -240,000,000
Change in NCWC 118,000,000
EBIT 1,263,000,000
Tax Provision 371,000,000
Depreciation and Amortization 4,015,000,000
Capital Expenditure -1,251,000,000
Unlevered Free Cash Flow 3,555,600,000
Current Assets 9,898,000,000
Current Cash 1,959,000,000
Current Liabilities 12,361,000,000
Current Debt 4,064,000,000
Non-Cash Working Capital (NCWC) -358,000,000
Change in NCWC -479,000,000
EBIT 682,000,000
Tax Provision 96,000,000
Depreciation and Amortization 3,714,000,000
Capital Expenditure -1,129,000,000
Unlevered Free Cash Flow 2,536,184,615
Current Assets 8,692,000,000
Current Cash 1,152,000,000
Current Liabilities 10,382,000,000
Current Debt 2,963,000,000
Non-Cash Working Capital (NCWC) 121,000,000
Change in NCWC -99,000,000
EBIT 1,046,000,000
Tax Provision 100,000,000
Depreciation and Amortization 2,444,000,000
Capital Expenditure -828,000,000
Unlevered Free Cash Flow 2,303,446,650
Current Assets 3,733,000,000
Current Cash 703,000,000
Current Liabilities 3,125,000,000
Current Debt 315,000,000
Non-Cash Working Capital (NCWC) 220,000,000
Change in NCWC 157,000,000
EBIT 1,538,000,000
Tax Provision 208,000,000
Depreciation and Amortization 1,420,000,000
Capital Expenditure -622,000,000
Unlevered Free Cash Flow 2,199,240,587
Current Assets 3,606,000,000
Current Cash 665,000,000
Current Liabilities 3,923,000,000
Current Debt 1,045,000,000
Non-Cash Working Capital (NCWC) 63,000,000
Change in NCWC -717,000,000
EBIT 1,489,000,000
Tax Provision -319,000,000
Depreciation and Amortization 1,391,000,000
Capital Expenditure -613,000,000
Unlevered Free Cash Flow 1,550,000,000
Current Assets 4,282,000,000
Current Cash 683,000,000
Current Liabilities 3,151,000,000
Current Debt 332,000,000
Non-Cash Working Capital (NCWC) 780,000,000
Change in NCWC 304,800,000
EBIT 1,298,000,000
Tax Provision 317,000,000
Depreciation and Amortization 1,174,000,000
Capital Expenditure -616,000,000
Unlevered Free Cash Flow 1,706,643,267
Current Assets 3,511,400,000
Current Cash 687,600,000
Current Liabilities 2,363,900,000
Current Debt 15,300,000
Non-Cash Working Capital (NCWC) 475,200,000
Change in NCWC 80,700,000
EBIT 1,099,200,000
Tax Provision 378,800,000
Depreciation and Amortization 669,500,000
Capital Expenditure -415,300,000
Unlevered Free Cash Flow 1,032,540,582
Current Assets 2,473,100,000
Current Cash 492,800,000
Current Liabilities 1,598,900,000
Current Debt 13,100,000
Non-Cash Working Capital (NCWC) 394,500,000
Change in NCWC 134,000,000
EBIT 1,270,600,000
Tax Provision 335,100,000
Depreciation and Amortization 626,300,000
Capital Expenditure -371,200,000
Unlevered Free Cash Flow 1,255,505,904
Current Assets 2,351,900,000
Current Cash 547,500,000
Current Liabilities 1,672,700,000
Current Debt 128,800,000
Non-Cash Working Capital (NCWC) 260,500,000
Change in NCWC 36,800,000
EBIT 1,064,400,000
Tax Provision 309,200,000
Depreciation and Amortization 614,600,000
Capital Expenditure -336,200,000
Unlevered Free Cash Flow 980,675,781
Current Assets 1,844,200,000
Current Cash 517,600,000
Current Liabilities 1,256,800,000
Current Debt 153,900,000
Non-Cash Working Capital (NCWC) 223,700,000
Change in NCWC 52,200,000
EBIT 1,079,200,000
Tax Provision 270,900,000
Depreciation and Amortization 632,800,000
Capital Expenditure -296,100,000
Unlevered Free Cash Flow 1,116,373,243

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