Discounted Cash Flow

Victory Capital Holdings, Inc.

VCTR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $297.9m $-6.1m $38.4m -2.0% $-0.12
2017 $409.6m (37.5%) $25.8m (525.4%) $91.1m (137.3%) 6.3% (409.4%) $0.47 (491.7%)
2018 $413.4m (0.9%) $63.7m (146.7%) $131.8m (44.7%) 15.4% (144.4%) $0.96 (104.3%)
2019 $612.4m (48.1%) $92.5m (45.2%) $222.1m (68.5%) 15.1% (-2.0%) $1.37 (42.7%)
2020 $775.4m (26.6%) $212.5m (129.8%) $242.6m (9.2%) 27.4% (81.5%) $3.14 (129.2%)
2021 $890.3m (14.8%) $278.4m (31.0%) $363.5m (49.9%) 31.3% (14.1%) $4.10 (30.6%)
2022 $854.8m (-4.0%) $275.5m (-1.0%) $330.0m (-9.2%) 32.2% (3.1%) $4.02 (-2.0%)
2023 $821.0m (-4.0%) $213.2m (-22.6%) $325.1m (-1.5%) 26.0% (-19.4%) $3.22 (-19.9%)
2024 $893.5m (8.8%) $288.9m (35.5%) $338.7m (4.2%) 32.3% (24.5%) $4.47 (38.8%)
2025 $1.3b (46.2%) $330.1m (14.3%) $381.3m (12.6%) 25.3% (-21.8%) $4.13 (-7.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model