Discounted Cash Flow (DCF) Analysis Levered
Darling Ingredients Inc. (DAR)
$72.43
+0.62 (+0.86%)
All numbers are in Millions, Currency in USD
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 | 3,662.25 | 3,387.73 | 3,363.90 | 3,226 | 3,093.74 | 2,966.91 | 2,845.28 | 2,728.64 | 2,616.77 | 2,509.49 | 2,406.61 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 410.59 | 398.61 | 362.62 | 363.01 | 348.12 | 333.85 | 320.17 | 307.04 | 294.45 | 282.38 | 270.80 |
| 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 | 129.28 | 72.84 | -0.53 | 60.91 | 58.41 | 56.02 | 53.72 | 51.52 | 49.41 | 47.38 | 45.44 |
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 | 3,662.25 | 3,387.73 | 3,363.90 | 3,226 | 3,093.74 | 2,966.91 | 2,845.28 | 2,728.64 | 2,616.77 | 2,509.49 | 2,406.61 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 410.59 | 398.61 | 362.62 | 363.01 | 348.12 | 333.85 | 320.17 | 307.04 | 294.45 | 282.38 | 270.80 |
| 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 | 129.28 | 72.84 | -0.53 | 60.91 | 58.41 | 56.02 | 53.72 | 51.52 | 49.41 | 47.38 | 45.44 |
| WACC | |||||||||||
| PV LFCF | 65.74 | 58.41 | 51.91 | 46.13 | 40.99 | 36.42 | 32.37 | 28.76 | |||
| 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 |