Discounted Cash Flow (DCF) Analysis Levered

SPX FLOW, Inc. (FLOW)

$86.49

+0.18 (+0.21%)

All numbers are in Millions, Currency in USD

Stock DCF: 18.58 | 86.49 | 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	1,951.50	2,090.10	1,506.60	1,350.60	1,529	1,460.35	1,394.77	1,332.15	1,272.33	1,215.20
Revenue (%)
Operating Cash Flow	205	105.60	173.30	112.70	70.60	116.89	111.64	106.63	101.84	97.27
Operating Cash Flow (%)
Capital Expenditure	-19.40	-25.50	-28.50	-22.40	-32.60	-23.06	-22.03	-21.04	-20.09	-19.19
Capital Expenditure (%)
Free Cash Flow	185.60	80.10	144.80	90.30	38	93.83	89.61	85.59	81.75	78.08

Weighted Average Cost Of Capital

Share price	$ 86.49
Beta	1.604
Diluted Shares Outstanding	41.96
Cost of Debt
Tax Rate	44.37
After-tax Cost of Debt	2.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.535
Total Debt	422.10
Total Equity	3,629.03
Total Capital	4,051.13
Debt Weighting	10.42
Equity Weighting	89.58
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	1,951.50	2,090.10	1,506.60	1,350.60	1,529	1,460.35	1,394.77	1,332.15	1,272.33	1,215.20
Operating Cash Flow	205	105.60	173.30	112.70	70.60	116.89	111.64	106.63	101.84	97.27
Capital Expenditure	-19.40	-25.50	-28.50	-22.40	-32.60	-23.06	-22.03	-21.04	-20.09	-19.19
Free Cash Flow	185.60	80.10	144.80	90.30	38	93.83	89.61	85.59	81.75	78.08
WACC
PV LFCF						84.87	73.33	63.35	54.73	47.29
SUM PV LFCF										323.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.55
Free cash flow (t + 1)	79.64
Terminal Value	931.45
Present Value of Terminal Value	564.11

Intrinsic Value

Enterprise Value	887.68
Net Debt	108.20
Equity Value	779.48
Shares Outstanding	41.96
Equity Value Per Share	18.58