Discounted Cash Flow (DCF) Analysis Levered

Ecovyst Inc. (ECVT)

$9.12

-0.53 (-5.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.67 | 9.12 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,567.10495.92611.20820.20691.10645.05602.07561.95524.50489.55
Revenue (%)
Operating Cash Flow 267.70223.60129.90186.60137.60162.66151.82141.71132.26123.45
Operating Cash Flow (%)
Capital Expenditure -127.60-51.60-60-58.90-65.30-58.05-54.18-50.57-47.20-44.05
Capital Expenditure (%)
Free Cash Flow 140.1017269.90127.7072.30104.6197.6491.1485.0679.40

Weighted Average Cost Of Capital

Share price $ 9.12
Beta 0.960
Diluted Shares Outstanding 119.49
Cost of Debt
Tax Rate 13.17
After-tax Cost of Debt 4.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.690
Total Debt 892.17
Total Equity 1,089.73
Total Capital 1,981.90
Debt Weighting 45.02
Equity Weighting 54.98
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 1,567.10495.92611.20820.20691.10645.05602.07561.95524.50489.55
Operating Cash Flow 267.70223.60129.90186.60137.60162.66151.82141.71132.26123.45
Capital Expenditure -127.60-51.60-60-58.90-65.30-58.05-54.18-50.57-47.20-44.05
Free Cash Flow 140.1017269.90127.7072.30104.6197.6491.1485.0679.40
WACC
PV LFCF 98.0185.7074.9465.5357.30
SUM PV LFCF 381.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.74
Free cash flow (t + 1) 82.57
Terminal Value 3,013.59
Present Value of Terminal Value 2,174.94

Intrinsic Value

Enterprise Value 2,556.42
Net Debt 803.80
Equity Value 1,752.62
Shares Outstanding 119.49
Equity Value Per Share 14.67