Discounted Cash Flow (DCF) Analysis Levered
Dover Corporation (DOV)
$142.77
+1.33 (+0.94%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6,992.12 | 7,136.40 | 6,683.76 | 7,907.08 | 8,508.09 | 8,968.05 | 9,452.87 | 9,963.91 | 10,502.57 | 11,070.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 798.64 | 945.31 | 1,104.81 | 1,115.86 | 805.72 | 1,161.91 | 1,224.72 | 1,290.93 | 1,360.72 | 1,434.28 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -170.99 | -186.80 | -165.69 | -171.46 | -220.96 | -220.75 | -232.69 | -245.27 | -258.53 | -272.50 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 627.64 | 758.50 | 939.12 | 944.40 | 584.76 | 941.15 | 992.03 | 1,045.66 | 1,102.19 | 1,161.78 |
Weighted Average Cost Of Capital
| Share price | $ 142.77 |
|---|---|
| Beta | 1.339 |
| Diluted Shares Outstanding | 143.59 |
| Cost of Debt | |
| Tax Rate | 17.25 |
| After-tax Cost of Debt | 2.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.849 |
| Total Debt | 3,678.28 |
| Total Equity | 20,501.06 |
| Total Capital | 24,179.34 |
| Debt Weighting | 15.21 |
| Equity Weighting | 84.79 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6,992.12 | 7,136.40 | 6,683.76 | 7,907.08 | 8,508.09 | 8,968.05 | 9,452.87 | 9,963.91 | 10,502.57 | 11,070.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 798.64 | 945.31 | 1,104.81 | 1,115.86 | 805.72 | 1,161.91 | 1,224.72 | 1,290.93 | 1,360.72 | 1,434.28 |
| Capital Expenditure | -170.99 | -186.80 | -165.69 | -171.46 | -220.96 | -220.75 | -232.69 | -245.27 | -258.53 | -272.50 |
| Free Cash Flow | 627.64 | 758.50 | 939.12 | 944.40 | 584.76 | 941.15 | 992.03 | 1,045.66 | 1,102.19 | 1,161.78 |
| WACC | ||||||||||
| PV LFCF | 865.43 | 838.82 | 813.02 | 788.03 | 763.80 | |||||
| SUM PV LFCF | 4,069.09 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.75 |
| Free cash flow (t + 1) | 1,185.01 |
| Terminal Value | 17,555.77 |
| Present Value of Terminal Value | 11,541.80 |
Intrinsic Value
| Enterprise Value | 15,610.89 |
|---|---|
| Net Debt | 3,297.42 |
| Equity Value | 12,313.47 |
| Shares Outstanding | 143.59 |
| Equity Value Per Share | 85.75 |