| Intrinsic Valuation of: VRSN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 8 | Market Cap | $27B | |||||
| 2021 | - | - (-) | P/E Ratio | 35 | Total Asset | $1B | |||||
| 2022 | $754M | - (-) | Net Income | $786M | Total Debt | $1B | |||||
| 2023 | $804M | 6.6% (-0.7%) | EBITDA | $1B | Total Liab | $3B | |||||
| 2024 | $808M | 0.5% (-4.1%) | Opr Margin | 0.68 | Debt/Equity | -0.76 | |||||
| 2025 | $874M | 8.2% (3.8%) | PreTax Margin | 63.11 | BV/Share | -23 | |||||
| 5Y Average FCF | $810M | 5.1% (-0.3%) | |||||||||
| 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 (5.1%) | ||||||||||
| 2026 | $919M | MBG Intrinsic Value | $73 | ||||||||
| 2027 | $966M | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $25B | Net Worth/Share | $-21 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $21B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $207M | $208 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $1B | WACC | 7.3% | 181 | 195 | 213 | 234 | 260 | |||
| Equity Value | $20B | 7.4% | 180 | 194 | 210 | 231 | 257 | ||||
| Shares Outstanding | 93,900,000 | 7.4% | 178 | 192 | 208 | 228 | 253 | ||||
| 7.9% | 163 | 174 | 187 | 203 | 223 | ||||||
| DCF Intrinsic Value | $208 | 8.4% | 150 | 159 | 170 | 183 | 199 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||