Discounted Cash Flow (DCF) Analysis Levered
Axalta Coating Systems Ltd. (AXTA)
$29.835
-0.30 (-0.98%)
All numbers are in Millions, Currency in USD
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 | 4,377 | 4,696 | 4,482.20 | 3,737.60 | 4,416.20 | 4,463.44 | 4,511.19 | 4,559.45 | 4,608.22 | 4,657.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 540 | 496.10 | 573.10 | 509.30 | 558.60 | 553.14 | 559.05 | 565.03 | 571.08 | 577.19 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -125 | -143.40 | -112.50 | -82.10 | -121.60 | -119.35 | -120.62 | -121.92 | -123.22 | -124.54 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 415 | 352.70 | 460.60 | 427.20 | 437 | 433.79 | 438.43 | 443.12 | 447.86 | 452.65 |
Weighted Average Cost Of Capital
| Share price | $ 29.835 |
|---|---|
| Beta | 1.390 |
| Diluted Shares Outstanding | 236 |
| Cost of Debt | |
| Tax Rate | 22.50 |
| After-tax Cost of Debt | 2.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.177 |
| Total Debt | 3,856.80 |
| Total Equity | 7,041.06 |
| Total Capital | 10,897.86 |
| Debt Weighting | 35.39 |
| Equity Weighting | 64.61 |
| 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 | 4,377 | 4,696 | 4,482.20 | 3,737.60 | 4,416.20 | 4,463.44 | 4,511.19 | 4,559.45 | 4,608.22 | 4,657.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 540 | 496.10 | 573.10 | 509.30 | 558.60 | 553.14 | 559.05 | 565.03 | 571.08 | 577.19 |
| Capital Expenditure | -125 | -143.40 | -112.50 | -82.10 | -121.60 | -119.35 | -120.62 | -121.92 | -123.22 | -124.54 |
| Free Cash Flow | 415 | 352.70 | 460.60 | 427.20 | 437 | 433.79 | 438.43 | 443.12 | 447.86 | 452.65 |
| WACC | ||||||||||
| PV LFCF | 280.61 | 263.75 | 247.90 | 233.01 | 219.01 | |||||
| SUM PV LFCF | 1,788.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.53 |
| Free cash flow (t + 1) | 461.70 |
| Terminal Value | 8,349.05 |
| Present Value of Terminal Value | 5,807.49 |
Intrinsic Value
| Enterprise Value | 7,596.31 |
|---|---|
| Net Debt | 3,016.20 |
| Equity Value | 4,580.11 |
| Shares Outstanding | 236 |
| Equity Value Per Share | 19.41 |