Discounted Cash Flow (DCF) Analysis Levered

Agilent Technologies, Inc. (A)

$123.85

+3.47 (+2.88%)

All numbers are in Millions, Currency in USD

Stock DCF: 93.35 | 123.85 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4,914	5,163	5,339	6,319	6,884.16	7,499.87	8,170.65	8,901.42	9,697.54	10,564.88
Revenue (%)
Operating Cash Flow	1,087	1,021	921	1,485	1,422.38	1,549.60	1,688.19	1,839.18	2,003.68	2,182.88
Operating Cash Flow (%)
Capital Expenditure	-177	-156	-119	-189	-203.83	-222.06	-241.92	-263.56	-287.13	-312.81
Capital Expenditure (%)
Free Cash Flow	910	865	802	1,296	1,218.56	1,327.54	1,446.27	1,575.63	1,716.55	1,870.07

Weighted Average Cost Of Capital

Share price	$ 123.85
Beta	1.061
Diluted Shares Outstanding	307
Cost of Debt
Tax Rate	11.03
After-tax Cost of Debt	4.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.763
Total Debt	2,730
Total Equity	38,021.95
Total Capital	40,751.95
Debt Weighting	6.70
Equity Weighting	93.30
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4,914	5,163	5,339	6,319	6,884.16	7,499.87	8,170.65	8,901.42	9,697.54	10,564.88
Operating Cash Flow	1,087	1,021	921	1,485	1,422.38	1,549.60	1,688.19	1,839.18	2,003.68	2,182.88
Capital Expenditure	-177	-156	-119	-189	-203.83	-222.06	-241.92	-263.56	-287.13	-312.81
Free Cash Flow	910	865	802	1,296	1,218.56	1,327.54	1,446.27	1,575.63	1,716.55	1,870.07
WACC
PV LFCF					1,218.56	1,234.46	1,250.58	1,266.90	1,283.44	1,300.20
SUM PV LFCF										6,335.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.54
Free cash flow (t + 1)	1,907.48
Terminal Value	34,430.98
Present Value of Terminal Value	23,938.62

Intrinsic Value

Enterprise Value	30,274.20
Net Debt	1,617
Equity Value	28,657.20
Shares Outstanding	307
Equity Value Per Share	93.35