Discounted Cash Flow (DCF) Analysis Levered

Abcam plc (ABCM)

$16.15

-0.13 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.13 | 16.15 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 217.10233.20259.90260297.70322.56349.50378.69410.31444.58
Revenue (%)
Operating Cash Flow 66.3863.3070.206371.9085.8893.05100.82109.24118.36
Operating Cash Flow (%)
Capital Expenditure -19.17-37.40-40.40-35.70-57.20-47.32-51.28-55.56-60.20-65.23
Capital Expenditure (%)
Free Cash Flow 47.2125.9029.8027.3014.7038.5541.7745.2649.0453.13

Weighted Average Cost Of Capital

Share price $ 16.15
Beta 0.644
Diluted Shares Outstanding 209.60
Cost of Debt
Tax Rate 36.52
After-tax Cost of Debt 0.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.660
Total Debt 234.20
Total Equity 3,385.04
Total Capital 3,619.24
Debt Weighting 6.47
Equity Weighting 93.53
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 217.10233.20259.90260297.70322.56349.50378.69410.31444.58
Operating Cash Flow 66.3863.3070.206371.9085.8893.05100.82109.24118.36
Capital Expenditure -19.17-37.40-40.40-35.70-57.20-47.32-51.28-55.56-60.20-65.23
Free Cash Flow 47.2125.9029.8027.3014.7038.5541.7745.2649.0453.13
WACC
PV LFCF 36.2736.9837.7038.4439.18
SUM PV LFCF 188.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.28
Free cash flow (t + 1) 54.20
Terminal Value 1,266.27
Present Value of Terminal Value 933.83

Intrinsic Value

Enterprise Value 1,122.40
Net Debt 46.90
Equity Value 1,075.50
Shares Outstanding 209.60
Equity Value Per Share 5.13