Discounted Cash Flow (DCF) Analysis Levered

Dover Corporation (DOV)

$130.78

+1.24 (+0.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 69.66 | 130.78 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 7,830.446,992.127,136.406,683.767,907.087,972.678,038.808,105.478,172.708,240.49
Revenue (%)
Operating Cash Flow 821.56798.64945.311,104.811,115.861,049.241,057.941,066.711,075.561,084.48
Operating Cash Flow (%)
Capital Expenditure -196.74-170.99-186.80-165.69-171.46-194.90-196.52-198.15-199.79-201.45
Capital Expenditure (%)
Free Cash Flow 624.82627.64758.50939.12944.40854.33861.42868.57875.77883.03

Weighted Average Cost Of Capital

Share price $ 130.78
Beta 1.382
Diluted Shares Outstanding 145.44
Cost of Debt
Tax Rate 19.77
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.312
Total Debt 3,124.42
Total Equity 19,020.64
Total Capital 22,145.06
Debt Weighting 14.11
Equity Weighting 85.89
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 7,830.446,992.127,136.406,683.767,907.087,972.678,038.808,105.478,172.708,240.49
Operating Cash Flow 821.56798.64945.311,104.811,115.861,049.241,057.941,066.711,075.561,084.48
Capital Expenditure -196.74-170.99-186.80-165.69-171.46-194.90-196.52-198.15-199.79-201.45
Free Cash Flow 624.82627.64758.50939.12944.40854.33861.42868.57875.77883.03
WACC
PV LFCF 788.28733.36682.27634.74590.52
SUM PV LFCF 3,429.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.38
Free cash flow (t + 1) 900.69
Terminal Value 14,117.47
Present Value of Terminal Value 9,440.85

Intrinsic Value

Enterprise Value 12,870
Net Debt 2,738.91
Equity Value 10,131.09
Shares Outstanding 145.44
Equity Value Per Share 69.66