| Intrinsic Valuation of: PTC | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 4 | Market Cap | $21B | |||||
| 2021 | - | - (-) | P/E Ratio | 48 | Total Asset | $6B | |||||
| 2022 | $344M | - (-) | Net Income | $376M | Total Debt | $1B | |||||
| 2023 | $409M | 19.2% (11.4%) | EBITDA | $730M | Total Liab | $3B | |||||
| 2024 | $586M | 43.2% (32.0%) | Opr Margin | 0.26 | Debt/Equity | 0.38 | |||||
| 2025 | $732M | 24.8% (13.9%) | PreTax Margin | 20.34 | BV/Share | -10 | |||||
| 5Y Average FCF | $518M | 29.1% (19.1%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $915M | MBG Intrinsic Value | $33 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $58B | Net Worth/Share | $27 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $45B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $266M | $371 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $1B | WACC | 7.3% | 321 | 348 | 380 | 419 | 468 | |||
| Equity Value | $44B | 7.4% | 318 | 344 | 375 | 413 | 461 | ||||
| Shares Outstanding | 119,948,000 | 7.4% | 315 | 341 | 371 | 408 | 455 | ||||
| 7.9% | 287 | 308 | 333 | 363 | 399 | ||||||
| DCF Intrinsic Value | $371 | 8.4% | 264 | 281 | 301 | 326 | 355 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||