Discounted Cash Flow (DCF) Analysis Levered
Coherent, Inc. (COHR)
$41.38
+0.96 (+2.38%)
All numbers are in Millions, Currency in USD
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 | 1,362.50 | 2,380.07 | 3,105.89 | 3,316.62 | 5,160.10 | 7,321.52 | 10,388.28 | 14,739.63 | 20,913.64 | 29,673.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 178.47 | 297.29 | 574.35 | 413.33 | 634.02 | 1,007.91 | 1,430.09 | 2,029.11 | 2,879.05 | 4,085 |
| 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 | 41.35 | 156.67 | 428.02 | 99 | 197.97 | 442.51 | 627.86 | 890.85 | 1,264.01 | 1,793.46 |
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 | 1,362.50 | 2,380.07 | 3,105.89 | 3,316.62 | 5,160.10 | 7,321.52 | 10,388.28 | 14,739.63 | 20,913.64 | 29,673.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 178.47 | 297.29 | 574.35 | 413.33 | 634.02 | 1,007.91 | 1,430.09 | 2,029.11 | 2,879.05 | 4,085 |
| 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 | 41.35 | 156.67 | 428.02 | 99 | 197.97 | 442.51 | 627.86 | 890.85 | 1,264.01 | 1,793.46 |
| WACC | ||||||||||
| PV LFCF | 406.98 | 531.09 | 693.04 | 904.38 | 1,180.17 | |||||
| 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 |