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 |