Discounted Cash Flow (DCF) Analysis Levered

Bruker Corporation (BRKR)

$57.75

+0.18 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 24.90 | 57.75 | 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 1,765.901,895.602,072.601,987.502,417.902,624.822,849.453,093.303,358.023,645.40
Revenue (%)
Operating Cash Flow 154.40239.70213.40332.20282.40315.39342.38371.68403.49438.02
Operating Cash Flow (%)
Capital Expenditure -43.70-49.20-73-97.20-92-90.75-98.52-106.95-116.11-126.04
Capital Expenditure (%)
Free Cash Flow 110.70190.50140.40235190.40224.64243.86264.73287.39311.98

Weighted Average Cost Of Capital

Share price $ 57.75
Beta 1.221
Diluted Shares Outstanding 154.60
Cost of Debt
Tax Rate 29.60
After-tax Cost of Debt 3.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.558
Total Debt 1,334.20
Total Equity 8,928.15
Total Capital 10,262.35
Debt Weighting 13.00
Equity Weighting 87.00
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 1,765.901,895.602,072.601,987.502,417.902,624.822,849.453,093.303,358.023,645.40
Operating Cash Flow 154.40239.70213.40332.20282.40315.39342.38371.68403.49438.02
Capital Expenditure -43.70-49.20-73-97.20-92-90.75-98.52-106.95-116.11-126.04
Free Cash Flow 110.70190.50140.40235190.40224.64243.86264.73287.39311.98
WACC
PV LFCF 135.65135.39135.12134.86134.60
SUM PV LFCF 1,028.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.77
Free cash flow (t + 1) 318.22
Terminal Value 4,700.44
Present Value of Terminal Value 3,087.40

Intrinsic Value

Enterprise Value 4,116
Net Debt 266
Equity Value 3,850
Shares Outstanding 154.60
Equity Value Per Share 24.90