Discounted Cash Flow (DCF) Analysis Levered

Agilent Technologies, Inc. (A)

$111.82

-0.18 (-0.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 71.49 | 111.82 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,9145,1635,3396,3196,8487,450.688,106.398,819.829,596.0310,440.56
Revenue (%)
Operating Cash Flow 1,0871,0219211,4851,3121,517.041,650.551,795.821,953.862,125.82
Operating Cash Flow (%)
Capital Expenditure -177-156-119-189-291-239.80-260.91-283.87-308.85-336.03
Capital Expenditure (%)
Free Cash Flow 9108658021,2961,0211,277.241,389.651,511.951,645.011,789.78

Weighted Average Cost Of Capital

Share price $ 111.82
Beta 1.026
Diluted Shares Outstanding 300
Cost of Debt
Tax Rate 16.62
After-tax Cost of Debt 2.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.417
Total Debt 2,769
Total Equity 33,546
Total Capital 36,315
Debt Weighting 7.62
Equity Weighting 92.38
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,9145,1635,3396,3196,8487,450.688,106.398,819.829,596.0310,440.56
Operating Cash Flow 1,0871,0219211,4851,3121,517.041,650.551,795.821,953.862,125.82
Capital Expenditure -177-156-119-189-291-239.80-260.91-283.87-308.85-336.03
Free Cash Flow 9108658021,2961,0211,277.241,389.651,511.951,645.011,789.78
WACC
PV LFCF 1,172.961,1721,171.041,170.081,169.12
SUM PV LFCF 5,855.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.89
Free cash flow (t + 1) 1,825.58
Terminal Value 26,496.04
Present Value of Terminal Value 17,307.76

Intrinsic Value

Enterprise Value 23,162.97
Net Debt 1,716
Equity Value 21,446.97
Shares Outstanding 300
Equity Value Per Share 71.49