Discounted Cash Flow (DCF) Analysis Levered

Abcam plc (ABCM)

$22.65

-0.08 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.65 | 22.65 | 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 233.20259.90260315.40361.70404.63452.65506.38566.48633.72
Revenue (%)
Operating Cash Flow 63.3070.206362.9028.7085.9996.20107.62120.39134.68
Operating Cash Flow (%)
Capital Expenditure -37.40-40.40-35.70-59.80-41.30-61.25-68.52-76.66-85.76-95.93
Capital Expenditure (%)
Free Cash Flow 25.9029.8027.303.10-12.6024.7427.6830.9634.6438.75

Weighted Average Cost Of Capital

Share price $ 22.65
Beta 0.930
Diluted Shares Outstanding 228.70
Cost of Debt
Tax Rate 45.51
After-tax Cost of Debt 1.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.989
Total Debt 223.90
Total Equity 5,180.06
Total Capital 5,403.95
Debt Weighting 4.14
Equity Weighting 95.86
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 233.20259.90260315.40361.70404.63452.65506.38566.48633.72
Operating Cash Flow 63.3070.206362.9028.7085.9996.20107.62120.39134.68
Capital Expenditure -37.40-40.40-35.70-59.80-41.30-61.25-68.52-76.66-85.76-95.93
Free Cash Flow 25.9029.8027.303.10-12.6024.7427.6830.9634.6438.75
WACC
PV LFCF 22.7723.4424.1324.8425.57
SUM PV LFCF 120.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.67
Free cash flow (t + 1) 39.52
Terminal Value 592.54
Present Value of Terminal Value 390.99

Intrinsic Value

Enterprise Value 511.73
Net Debt 134.90
Equity Value 376.83
Shares Outstanding 228.70
Equity Value Per Share 1.65