Discounted Cash Flow (DCF) Analysis Levered

Core Laboratories N.V. (CLB)

$22.33

-1.07 (-4.57%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.07 | 22.33 | overvalue

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	700.85	668.21	487.27	470.25	489.73	451.68	416.58	384.20	354.35	326.81
Revenue (%)
Operating Cash Flow	111.83	89.53	57.87	36.58	24.96	48.88	45.08	41.57	38.34	35.36
Operating Cash Flow (%)
Capital Expenditure	-21.74	-22.27	-11.88	-13.54	-10.22	-12.50	-11.53	-10.63	-9.81	-9.04
Capital Expenditure (%)
Free Cash Flow	90.09	67.26	45.99	23.04	14.74	36.37	33.55	30.94	28.54	26.32

Weighted Average Cost Of Capital

Share price	$ 22.33
Beta	2.684
Diluted Shares Outstanding	46.81
Cost of Debt
Tax Rate	35.06
After-tax Cost of Debt	3.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity	17.403
Total Debt	222.39
Total Equity	1,045.33
Total Capital	1,267.72
Debt Weighting	17.54
Equity Weighting	82.46
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	700.85	668.21	487.27	470.25	489.73	451.68	416.58	384.20	354.35	326.81
Operating Cash Flow	111.83	89.53	57.87	36.58	24.96	48.88	45.08	41.57	38.34	35.36
Capital Expenditure	-21.74	-22.27	-11.88	-13.54	-10.22	-12.50	-11.53	-10.63	-9.81	-9.04
Free Cash Flow	90.09	67.26	45.99	23.04	14.74	36.37	33.55	30.94	28.54	26.32
WACC
PV LFCF						31.65	25.39	20.38	16.35	13.12
SUM PV LFCF										106.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	14.94
Free cash flow (t + 1)	26.85
Terminal Value	207.46
Present Value of Terminal Value	103.41

Intrinsic Value

Enterprise Value	210.30
Net Debt	206.96
Equity Value	3.34
Shares Outstanding	46.81
Equity Value Per Share	0.07