Discounted Cash Flow (DCF) Analysis Levered

Coherent, Inc. (COHR)

$41.38

+0.96 (+2.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 130.45 | 41.38 | 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 $ 41.38
Beta 1.626
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 11.930
Total Debt 4,488.82
Total Equity 5,692.98
Total Capital 10,181.79
Debt Weighting 44.09
Equity Weighting 55.91
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 406.98531.09693.04904.381,180.17
SUM PV LFCF 3,715.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.73
Free cash flow (t + 1) 1,829.33
Terminal Value 27,181.73
Present Value of Terminal Value 17,886.70

Intrinsic Value

Enterprise Value 21,602.35
Net Debt 3,655.48
Equity Value 17,946.87
Shares Outstanding 137.58
Equity Value Per Share 130.45