Discounted Cash Flow (DCF) Analysis Levered

Ecovyst Inc. (ECVT)

$9.47

+0.09 (+0.96%)

All numbers are in Millions, Currency in USD

Stock DCF: -0.38 | 9.47 | 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	1,472.10	1,608.15	1,567.07	1,107.36	611.20	508.13	422.44	351.20	291.98	242.74
Revenue (%)
Operating Cash Flow	116.06	248.64	267.76	151.05	129.90	76.55	63.64	52.91	43.99	36.57
Operating Cash Flow (%)
Capital Expenditure	-140.48	-131.69	-127.64	-97.10	-60	-45.19	-37.57	-31.23	-25.96	-21.59
Capital Expenditure (%)
Free Cash Flow	-24.42	116.96	140.12	53.95	69.90	31.37	26.08	21.68	18.02	14.98

Weighted Average Cost Of Capital

Share price	$ 9.47
Beta	0.767
Diluted Shares Outstanding	136.45
Cost of Debt
Tax Rate	87.05
After-tax Cost of Debt	0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.508
Total Debt	911.80
Total Equity	1,292.19
Total Capital	2,203.99
Debt Weighting	41.37
Equity Weighting	58.63
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	1,472.10	1,608.15	1,567.07	1,107.36	611.20	508.13	422.44	351.20	291.98	242.74
Operating Cash Flow	116.06	248.64	267.76	151.05	129.90	76.55	63.64	52.91	43.99	36.57
Capital Expenditure	-140.48	-131.69	-127.64	-97.10	-60	-45.19	-37.57	-31.23	-25.96	-21.59
Free Cash Flow	-24.42	116.96	140.12	53.95	69.90	31.37	26.08	21.68	18.02	14.98
WACC
PV LFCF						30.15	24.10	19.26	15.39	12.30
SUM PV LFCF										101.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.03
Free cash flow (t + 1)	15.28
Terminal Value	752.88
Present Value of Terminal Value	617.92

Intrinsic Value

Enterprise Value	719.11
Net Debt	770.90
Equity Value	-51.79
Shares Outstanding	136.45
Equity Value Per Share	-0.38