Discounted Cash Flow (DCF) Analysis Levered

Coherent, Inc. (COHR)

$267.68

-1.74 (-0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 63.43 | 267.68 | 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 1,723.311,902.571,430.641,2291,487.471,459.701,432.461,405.721,379.481,353.73
Revenue (%)
Operating Cash Flow 384.12236.11181.40206.9172.94201.78198.02194.32190.69187.13
Operating Cash Flow (%)
Capital Expenditure -63.77-90.76-83.28-64.92-82.56-73.35-71.98-70.64-69.32-68.03
Capital Expenditure (%)
Free Cash Flow 320.34145.3598.12141.99-9.63128.43126.04123.68121.37119.11

Weighted Average Cost Of Capital

Share price $ 267.68
Beta 1.392
Diluted Shares Outstanding 24.39
Cost of Debt
Tax Rate 7.61
After-tax Cost of Debt 3.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.448
Total Debt 524.93
Total Equity 6,528.72
Total Capital 7,053.64
Debt Weighting 7.44
Equity Weighting 92.56
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 1,723.311,902.571,430.641,2291,487.471,459.701,432.461,405.721,379.481,353.73
Operating Cash Flow 384.12236.11181.40206.9172.94201.78198.02194.32190.69187.13
Capital Expenditure -63.77-90.76-83.28-64.92-82.56-73.35-71.98-70.64-69.32-68.03
Free Cash Flow 320.34145.3598.12141.99-9.63128.43126.04123.68121.37119.11
WACC
PV LFCF 117.85106.1295.5686.0577.48
SUM PV LFCF 483.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.98
Free cash flow (t + 1) 121.49
Terminal Value 1,740.57
Present Value of Terminal Value 1,132.29

Intrinsic Value

Enterprise Value 1,615.35
Net Debt 68.39
Equity Value 1,546.96
Shares Outstanding 24.39
Equity Value Per Share 63.43