Roper Technologies, Inc.
NasdaqGS-ROP
BUILD UP FREE CASH | 2022-12-31 (A) | 2023-12-31 (A) | 2024-12-31 (A) | 2025-12-31 (E) | 2026-12-31 (E) | 2027-12-31 (E) | 2028-12-31 (E) | 2029-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 5,371.8 | 6,177.8 | 7,039.2 | 7,929.1 | 8,629.6 | 9,310.8 | 9,310.8 | 9,310.8 |
Revenue % Chg. | 11.1% | 15% | 13.9% | |||||
EBIT | 1,524.5 | 1,745.2 | 1,996.8 | 2,242.2 | 2,494 | 2,748 | 2,748 | 2,748 |
EBIT Margin | 28.4% | 28.2% | 28.4% | |||||
Tax Rate | 23.1% | 21.5% | 21.2% | |||||
NOPAT | 1,172 | 1,370.1 | 1,572.6 | 1,767.6 | 1,947.5 | 2,138 | 2,138 | 2,138 |
NOPAT Margin | 21.8% | 22.2% | 22.3% | 22.3% | 22.6% | 23% | 23% | 23% |
D&A | 650.1 | 755.2 | 812.8 | 891.3 | 923.4 | 1,019.8 | 1,019.8 | 1,019.8 |
D&A / Revenue | 12.1% | 12.2% | 11.5% | |||||
Capex | -40.1 | -68 | -66 | -54 | -56.7 | -66.2 | -66.2 | -66.2 |
Capex / Revenue | -0.7% | -1.1% | -0.9% | |||||
Chg. NWC | 2.1 | 42.5 | 181.5 | 87.4 | 95.1 | 102.6 | 102.6 | 102.6 |
Chg. NWC / Revenue | 0% | 0.7% | 2.6% | |||||
Unlevered FCF (UFCF) | 1,784.1 | 2,099.8 | 2,500.9 | 2,692.2 | 2,909.4 | 3,194.2 | 3,194.2 | 3,194.2 |
UFCF % Chg. | 2.3% | 17.7% | 19.1% | 7.6% | 8.1% | 9.8% | — | — |
PV of UFCF | — | — | — | 2,496.4 | 2,501.7 | 2,546.8 | 2,361.7 | 2,189.9 |
Sum of PV of UFCF | — | — | — | 2,496.4 | 4,998.1 | 7,545 | 9,906.6 | 12,096.6 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 2.8% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 8.7% |
| Total Debt | 7,824 |
| Market Cap | 47,994.5 |
| Total Capital | 55,818.5 |
| Debt Weighting | 14% |
| Equity Weighting | 86% |
| WACC | 7.8% |
| Exit Multiple EV/FCF | |
| Terminal Value | 57,128.6 |
| PV of Terminal Value | 36,320 |
| Cumulative PV of UFCF | 12,096.6 |
| Net Debt | 9,134.1 |
| Equity Value | 39,282.4 |
| Shares Outstanding | 107.6 |
| Implied Share Price | 365 |
| Current Share Price | 445.9 |
| Implied Upside / (Downside) | -18.2% |