DCF Tool

SEIC

SEI Investments Co. – Securities and Commodity Exchanges
SEI's Investment Manager Services supplies investment organizations of all types with advanced operating infrastructure they must have to evolve and compete in a landscape of escalating business challenges. SEI's award-winning global operating platform provides investment managers and asset owners with customized and integrated capabilities across a wide range of investment vehicles, strategies and jurisdictions. Its services enable users to gain scale and efficiency, keep pace with marketplace demands, and run their businesses more strategically. SEI partners with more than 550 traditional and alternative asset managers, as well as sovereign wealth funds and family offices, representing nearly $30 trillion in assets, including 49 of the top 100 asset managers worldwide*.
Analysis Results
Intrinsic Value $98.02
Latest Price $57.04
Relative Value 42% undervalued
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Cash Flow (Millions)
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 10.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.4%, 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 (million) Present value (million)
2022 662 612
2023 731 624
2024 807 637
2025 892 651
2026 985 664
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 16200 million. This corresponds to a present value of 10100 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3190 million. Adding in the terminal value gives a total present value of 13300 million.

There are presently 135.0 million outstanding shares, so the intrinsic value per share is 98.02.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,404,229,000
Current Cash 831,407,000
Current Liabilities 355,743,000
Current Debt 0
Non-Cash Working Capital (NCWC) 217,079,000
Change in NCWC 18,003,000
EBIT 690,587,000
Tax Provision 147,080,000
Depreciation and Amortization 92,633,000
Capital Expenditure -52,536,000
Unlevered Free Cash Flow 602,261,326
Current Assets 1,300,977,000
Current Cash 784,626,000
Current Liabilities 317,275,000
Current Debt 0
Non-Cash Working Capital (NCWC) 199,076,000
Change in NCWC 29,242,000
EBIT 562,735,000
Tax Provision 121,408,000
Depreciation and Amortization 83,934,000
Capital Expenditure -78,567,000
Unlevered Free Cash Flow 477,208,160
Current Assets 1,304,845,000
Current Cash 841,446,000
Current Liabilities 293,565,000
Current Debt 0
Non-Cash Working Capital (NCWC) 169,834,000
Change in NCWC 29,255,000
EBIT 615,489,000
Tax Provision 130,015,000
Depreciation and Amortization 80,855,000
Capital Expenditure -77,171,000
Unlevered Free Cash Flow 521,697,549
Current Assets 1,190,812,000
Current Cash 754,525,000
Current Liabilities 295,708,000
Current Debt 0
Non-Cash Working Capital (NCWC) 140,579,000
Change in NCWC 20,067,000
EBIT 601,454,000
Tax Provision 108,338,000
Depreciation and Amortization 77,687,000
Capital Expenditure -73,316,000
Unlevered Free Cash Flow 519,803,287
Current Assets 1,139,808,000
Current Cash 744,247,000
Current Liabilities 275,049,000
Current Debt 0
Non-Cash Working Capital (NCWC) 120,512,000
Change in NCWC 27,751,000
EBIT 550,763,000
Tax Provision 152,650,000
Depreciation and Amortization 75,586,000
Capital Expenditure -86,568,000
Unlevered Free Cash Flow 416,601,864
Current Assets 1,037,833,000
Current Cash 695,701,000
Current Liabilities 249,371,000
Current Debt 0
Non-Cash Working Capital (NCWC) 92,761,000
Change in NCWC -6,819,000
EBIT 501,909,000
Tax Provision 174,668,000
Depreciation and Amortization 71,832,000
Capital Expenditure -81,789,000
Unlevered Free Cash Flow 312,723,900
Current Assets 1,003,724,000
Current Cash 679,661,000
Current Liabilities 224,483,000
Current Debt 0
Non-Cash Working Capital (NCWC) 99,580,000
Change in NCWC 32,779,000
EBIT 494,814,000
Tax Provision 168,825,000
Depreciation and Amortization 66,674,000
Capital Expenditure -73,881,000
Unlevered Free Cash Flow 353,472,290
Current Assets 955,427,000
Current Cash 667,446,000
Current Liabilities 221,180,000
Current Debt 0
Non-Cash Working Capital (NCWC) 66,801,000
Change in NCWC 5,962,000
EBIT 481,184,000
Tax Provision 170,949,000
Depreciation and Amortization 61,127,000
Capital Expenditure -63,346,000
Unlevered Free Cash Flow 316,937,808
Current Assets 847,100,000
Current Cash 578,273,000
Current Liabilities 207,988,000
Current Debt 0
Non-Cash Working Capital (NCWC) 60,839,000
Change in NCWC -36,313,000
EBIT 367,144,000
Tax Provision 146,924,000
Depreciation and Amortization 57,099,000
Capital Expenditure -55,851,000
Unlevered Free Cash Flow 208,187,146
Current Assets 701,404,000
Current Cash 452,247,000
Current Liabilities 152,005,000
Current Debt 0
Non-Cash Working Capital (NCWC) 97,152,000
Change in NCWC 34,260,000
EBIT 324,304,000
Tax Provision 121,462,000
Depreciation and Amortization 55,844,000
Capital Expenditure -54,074,000
Unlevered Free Cash Flow 240,785,925

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.