Discounted Cash Flow (DCF) Analysis Levered

Core Laboratories N.V. (CLB)

$16.35

+0.07 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.04 | 16.35 | 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 647.82700.85668.21487.27470.25438.46408.82381.18355.41331.38
Revenue (%)
Operating Cash Flow 124.27111.8389.5357.8736.5859.8055.7651.9948.4745.20
Operating Cash Flow (%)
Capital Expenditure -19.15-22.93-22.45-12.38-13.54-13.16-12.27-11.44-10.67-9.95
Capital Expenditure (%)
Free Cash Flow 105.1288.9067.0845.4923.0446.6443.4940.5537.8035.25

Weighted Average Cost Of Capital

Share price $ 16.35
Beta 2.734
Diluted Shares Outstanding 44.57
Cost of Debt
Tax Rate 44.01
After-tax Cost of Debt 2.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.746
Total Debt 213.32
Total Equity 728.77
Total Capital 942.09
Debt Weighting 22.64
Equity Weighting 77.36
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 647.82700.85668.21487.27470.25438.46408.82381.18355.41331.38
Operating Cash Flow 124.27111.8389.5357.8736.5859.8055.7651.9948.4745.20
Capital Expenditure -19.15-22.93-22.45-12.38-13.54-13.16-12.27-11.44-10.67-9.95
Free Cash Flow 105.1288.9067.0845.4923.0446.6443.4940.5537.8035.25
WACC
PV LFCF 41.3834.2228.3123.4219.37
SUM PV LFCF 146.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.72
Free cash flow (t + 1) 35.95
Terminal Value 335.39
Present Value of Terminal Value 184.31

Intrinsic Value

Enterprise Value 331.01
Net Debt 195.62
Equity Value 135.39
Shares Outstanding 44.57
Equity Value Per Share 3.04