Discounted Cash Flow (DCF) Analysis Levered
FMC Corporation (FMC)
$126.01
+2.87 (+2.33%)
All numbers are in Millions, Currency in USD
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 | 2,878.60 | 4,727.80 | 4,609.80 | 4,642.10 | 5,045.20 | 5,942.34 | 6,999 | 8,243.56 | 9,709.43 | 11,435.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 335.50 | 368.40 | 488.50 | 647.80 | 820.10 | 716.10 | 843.44 | 993.42 | 1,170.07 | 1,378.13 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -85.70 | -205.10 | -141.90 | -114.40 | -100.10 | -176.39 | -207.76 | -244.70 | -288.21 | -339.47 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 249.80 | 163.30 | 346.60 | 533.40 | 720 | 539.71 | 635.68 | 748.72 | 881.85 | 1,038.66 |
Weighted Average Cost Of Capital
| Share price | $ 126.01 |
|---|---|
| Beta | 0.814 |
| Diluted Shares Outstanding | 130.60 |
| Cost of Debt | |
| Tax Rate | 17.60 |
| After-tax Cost of Debt | 3.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.586 |
| Total Debt | 3,336 |
| Total Equity | 16,456.91 |
| Total Capital | 19,792.91 |
| Debt Weighting | 16.85 |
| Equity Weighting | 83.15 |
| 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 | 2,878.60 | 4,727.80 | 4,609.80 | 4,642.10 | 5,045.20 | 5,942.34 | 6,999 | 8,243.56 | 9,709.43 | 11,435.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 335.50 | 368.40 | 488.50 | 647.80 | 820.10 | 716.10 | 843.44 | 993.42 | 1,170.07 | 1,378.13 |
| Capital Expenditure | -85.70 | -205.10 | -141.90 | -114.40 | -100.10 | -176.39 | -207.76 | -244.70 | -288.21 | -339.47 |
| Free Cash Flow | 249.80 | 163.30 | 346.60 | 533.40 | 720 | 539.71 | 635.68 | 748.72 | 881.85 | 1,038.66 |
| WACC | ||||||||||
| PV LFCF | 509.06 | 565.54 | 628.28 | 697.98 | 775.42 | |||||
| SUM PV LFCF | 3,176.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.02 |
| Free cash flow (t + 1) | 1,059.44 |
| Terminal Value | 26,354.12 |
| Present Value of Terminal Value | 19,674.77 |
Intrinsic Value
| Enterprise Value | 22,851.05 |
|---|---|
| Net Debt | 2,819.20 |
| Equity Value | 20,031.85 |
| Shares Outstanding | 130.60 |
| Equity Value Per Share | 153.38 |