Discounted Cash Flow (DCF) Analysis Levered
Catalent, Inc. (CTLT)
$45.34
-1.21 (-2.60%)
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 | 2,518 | 3,094.30 | 3,998 | 4,828 | 4,276 | 4,932.58 | 5,689.97 | 6,563.66 | 7,571.50 | 8,734.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 247.70 | 440.30 | 433 | 439 | 261 | 494.18 | 570.06 | 657.59 | 758.57 | 875.04 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -218.10 | -465.80 | -686 | -660 | -583 | -672.59 | -775.86 | -895 | -1,032.42 | -1,190.95 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 29.60 | -25.50 | -253 | -221 | -322 | -178.41 | -205.80 | -237.40 | -273.85 | -315.91 |
Weighted Average Cost Of Capital
| Share price | $ 45.34 |
|---|---|
| Beta | 1.225 |
| Diluted Shares Outstanding | 181 |
| Cost of Debt | |
| Tax Rate | 26.35 |
| After-tax Cost of Debt | 2.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.222 |
| Total Debt | 4,849 |
| Total Equity | 8,206.54 |
| Total Capital | 13,055.54 |
| Debt Weighting | 37.14 |
| Equity Weighting | 62.86 |
| 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 | 2,518 | 3,094.30 | 3,998 | 4,828 | 4,276 | 4,932.58 | 5,689.97 | 6,563.66 | 7,571.50 | 8,734.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 247.70 | 440.30 | 433 | 439 | 261 | 494.18 | 570.06 | 657.59 | 758.57 | 875.04 |
| Capital Expenditure | -218.10 | -465.80 | -686 | -660 | -583 | -672.59 | -775.86 | -895 | -1,032.42 | -1,190.95 |
| Free Cash Flow | 29.60 | -25.50 | -253 | -221 | -322 | -178.41 | -205.80 | -237.40 | -273.85 | -315.91 |
| WACC | ||||||||||
| PV LFCF | -166.02 | -178.22 | -191.31 | -205.37 | -220.46 | |||||
| SUM PV LFCF | -961.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.46 |
| Free cash flow (t + 1) | -322.22 |
| Terminal Value | -5,901.52 |
| Present Value of Terminal Value | -4,118.41 |
Intrinsic Value
| Enterprise Value | -5,079.79 |
|---|---|
| Net Debt | 4,569 |
| Equity Value | -9,648.79 |
| Shares Outstanding | 181 |
| Equity Value Per Share | -53.31 |