Discounted Cash Flow (DCF) Analysis Levered

The Chemours Company (CC)

$43.17

+1.91 (+4.63%)

All numbers are in Millions, Currency in USD

Stock DCF: 25.99 | 43.17 | 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	6,183	6,638	5,526	4,969	6,345	6,475.37	6,608.42	6,744.21	6,882.78	7,024.21
Revenue (%)
Operating Cash Flow	639	1,140	650	807	820	886.29	904.50	923.09	942.05	961.41
Operating Cash Flow (%)
Capital Expenditure	-411	-498	-481	-267	-277	-422.10	-430.77	-439.63	-448.66	-457.88
Capital Expenditure (%)
Free Cash Flow	228	642	169	540	543	464.19	473.73	483.46	493.40	503.53

Weighted Average Cost Of Capital

Share price	$ 43.17
Beta	1.818
Diluted Shares Outstanding	166.35
Cost of Debt
Tax Rate	10.06
After-tax Cost of Debt	4.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.336
Total Debt	3,987
Total Equity	7,181.18
Total Capital	11,168.18
Debt Weighting	35.70
Equity Weighting	64.30
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	6,183	6,638	5,526	4,969	6,345	6,475.37	6,608.42	6,744.21	6,882.78	7,024.21
Operating Cash Flow	639	1,140	650	807	820	886.29	904.50	923.09	942.05	961.41
Capital Expenditure	-411	-498	-481	-267	-277	-422.10	-430.77	-439.63	-448.66	-457.88
Free Cash Flow	228	642	169	540	543	464.19	473.73	483.46	493.40	503.53
WACC
PV LFCF						280.16	262.84	246.59	231.34	217.04
SUM PV LFCF										1,885.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.78
Free cash flow (t + 1)	513.60
Terminal Value	7,575.27
Present Value of Terminal Value	4,973.40

Intrinsic Value

Enterprise Value	6,859.01
Net Debt	2,536
Equity Value	4,323.01
Shares Outstanding	166.35
Equity Value Per Share	25.99