Discounted Cash Flow (DCF) Analysis Levered

Coherent, Inc. (COHR)

$58.86

-1.61 (-2.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 159.32 | 58.86 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,362.502,380.073,105.893,316.625,160.107,321.5210,388.2814,739.6320,913.6429,673.75
Revenue (%)
Operating Cash Flow 178.47297.29574.35413.33634.021,007.911,430.092,029.112,879.054,085
Operating Cash Flow (%)
Capital Expenditure -137.12-140.63-146.34-314.33-436.06-565.40-802.23-1,138.26-1,615.05-2,291.54
Capital Expenditure (%)
Free Cash Flow 41.35156.67428.0299197.97442.51627.86890.851,264.011,793.46

Weighted Average Cost Of Capital

Share price $ 58.86
Beta 1.646
Diluted Shares Outstanding 137.58
Cost of Debt
Tax Rate 27.03
After-tax Cost of Debt 4.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.054
Total Debt 4,488.82
Total Equity 8,097.84
Total Capital 12,586.66
Debt Weighting 35.66
Equity Weighting 64.34
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,362.502,380.073,105.893,316.625,160.107,321.5210,388.2814,739.6320,913.6429,673.75
Operating Cash Flow 178.47297.29574.35413.33634.021,007.911,430.092,029.112,879.054,085
Capital Expenditure -137.12-140.63-146.34-314.33-436.06-565.40-802.23-1,138.26-1,615.05-2,291.54
Free Cash Flow 41.35156.67428.0299197.97442.51627.86890.851,264.011,793.46
WACC
PV LFCF 404.41524.41680.01881.781,143.43
SUM PV LFCF 3,634.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.42
Free cash flow (t + 1) 1,865.20
Terminal Value 34,413.28
Present Value of Terminal Value 21,940.30

Intrinsic Value

Enterprise Value 25,574.34
Net Debt 3,655.48
Equity Value 21,918.86
Shares Outstanding 137.58
Equity Value Per Share 159.32