Discounted Cash Flow (DCF) Analysis Levered
Axalta Coating Systems Ltd. (AXTA)
$27.92
-0.62 (-2.17%)
All numbers are in Millions, Currency in USD
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 | 4,696 | 4,482.20 | 3,737.60 | 4,416.20 | 4,884.40 | 4,977.11 | 5,071.59 | 5,167.86 | 5,265.95 | 5,365.91 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 496.10 | 573.10 | 509.30 | 558.60 | 293.80 | 553.86 | 564.37 | 575.09 | 586 | 597.13 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -143.40 | -112.50 | -82.10 | -121.60 | -150.90 | -135.41 | -137.98 | -140.60 | -143.27 | -145.99 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 352.70 | 460.60 | 427.20 | 437 | 142.90 | 418.45 | 426.40 | 434.49 | 442.74 | 451.14 |
Weighted Average Cost Of Capital
Share price | $ 27.92 |
---|---|
Beta | 1.427 |
Diluted Shares Outstanding | 236 |
Cost of Debt | |
Tax Rate | 25.53 |
After-tax Cost of Debt | 2.81% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.235 |
Total Debt | 3,704.30 |
Total Equity | 6,589.12 |
Total Capital | 10,293.42 |
Debt Weighting | 35.99 |
Equity Weighting | 64.01 |
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 | 4,696 | 4,482.20 | 3,737.60 | 4,416.20 | 4,884.40 | 4,977.11 | 5,071.59 | 5,167.86 | 5,265.95 | 5,365.91 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 496.10 | 573.10 | 509.30 | 558.60 | 293.80 | 553.86 | 564.37 | 575.09 | 586 | 597.13 |
Capital Expenditure | -143.40 | -112.50 | -82.10 | -121.60 | -150.90 | -135.41 | -137.98 | -140.60 | -143.27 | -145.99 |
Free Cash Flow | 352.70 | 460.60 | 427.20 | 437 | 142.90 | 418.45 | 426.40 | 434.49 | 442.74 | 451.14 |
WACC | ||||||||||
PV LFCF | 389.04 | 368.56 | 349.16 | 330.78 | 313.37 | |||||
SUM PV LFCF | 1,750.92 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.56 |
Free cash flow (t + 1) | 460.16 |
Terminal Value | 8,276.32 |
Present Value of Terminal Value | 5,748.88 |
Intrinsic Value
Enterprise Value | 7,499.80 |
---|---|
Net Debt | 3,059.10 |
Equity Value | 4,440.70 |
Shares Outstanding | 236 |
Equity Value Per Share | 18.82 |