Discounted Cash Flow (DCF) Analysis Levered

Core Laboratories N.V. (CLB.AS)

21 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.77 | 21 | 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	659.81	700.85	668.21	487.27	470.25	436.15	404.52	375.18	347.98	322.74
Revenue (%)
Operating Cash Flow	124.27	111.83	89.53	57.87	36.58	59.18	54.89	50.91	47.22	43.79
Operating Cash Flow (%)
Capital Expenditure	-19.15	-22.93	-22.45	-11.88	-13.54	-12.96	-12.02	-11.14	-10.34	-9.59
Capital Expenditure (%)
Free Cash Flow	105.12	88.90	67.08	45.99	23.04	46.22	42.87	39.76	36.88	34.21

Weighted Average Cost Of Capital

Share price	$ 21
Beta	2.636
Diluted Shares Outstanding	44.47
Cost of Debt
Tax Rate	45.37
After-tax Cost of Debt	2.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	16.134
Total Debt	250.26
Total Equity	933.78
Total Capital	1,184.04
Debt Weighting	21.14
Equity Weighting	78.86
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	659.81	700.85	668.21	487.27	470.25	436.15	404.52	375.18	347.98	322.74
Operating Cash Flow	124.27	111.83	89.53	57.87	36.58	59.18	54.89	50.91	47.22	43.79
Capital Expenditure	-19.15	-22.93	-22.45	-11.88	-13.54	-12.96	-12.02	-11.14	-10.34	-9.59
Free Cash Flow	105.12	88.90	67.08	45.99	23.04	46.22	42.87	39.76	36.88	34.21
WACC
PV LFCF						40.85	33.49	27.45	22.50	18.44
SUM PV LFCF										142.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	13.15
Free cash flow (t + 1)	34.89
Terminal Value	312.91
Present Value of Terminal Value	168.71

Intrinsic Value

Enterprise Value	311.44
Net Debt	232.56
Equity Value	78.88
Shares Outstanding	44.47
Equity Value Per Share	1.77