Discounted Cash Flow (DCF) Analysis Levered

Darling Ingredients Inc. (DAR)

$72.43

+0.62 (+0.86%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.90 | 72.43 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,662.253,387.733,363.903,2263,093.742,966.912,845.282,728.642,616.772,509.492,406.61
Revenue (%)
Operating Cash Flow 410.59398.61362.62363.01348.12333.85320.17307.04294.45282.38270.80
Operating Cash Flow (%)
Capital Expenditure -281.30-325.78-363.15-302.09-289.71-277.83-266.44-255.52-245.04-235-225.36
Capital Expenditure (%)
Free Cash Flow 129.2872.84-0.5360.9158.4156.0253.7251.5249.4147.3845.44

Weighted Average Cost Of Capital

Share price $ 72.43
Beta 1.227
Diluted Shares Outstanding 167.10
Cost of Debt
Tax Rate 20.76
After-tax Cost of Debt 3.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.577
Total Debt 1,621.86
Total Equity 12,102.76
Total Capital 13,724.63
Debt Weighting 11.82
Equity Weighting 88.18
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,662.253,387.733,363.903,2263,093.742,966.912,845.282,728.642,616.772,509.492,406.61
Operating Cash Flow 410.59398.61362.62363.01348.12333.85320.17307.04294.45282.38270.80
Capital Expenditure -281.30-325.78-363.15-302.09-289.71-277.83-266.44-255.52-245.04-235-225.36
Free Cash Flow 129.2872.84-0.5360.9158.4156.0253.7251.5249.4147.3845.44
WACC
PV LFCF 65.7458.4151.9146.1340.9936.4232.3728.76
SUM PV LFCF 199.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.92
Free cash flow (t + 1) 46.35
Terminal Value 782.93
Present Value of Terminal Value 534.83

Intrinsic Value

Enterprise Value 734.13
Net Debt 1,552.96
Equity Value -818.83
Shares Outstanding 167.10
Equity Value Per Share -4.90