Discounted Cash Flow (DCF) Analysis Levered

FMC Corporation (FMC)

$67.04

-0.89 (-1.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 93.45 | 67.04 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,285.304,609.804,642.105,045.205,802.306,265.956,766.647,307.357,891.268,521.83
Revenue (%)
Operating Cash Flow 368.40488.50647.80820.10582.40744.91804.43868.71938.131,013.10
Operating Cash Flow (%)
Capital Expenditure -156.60-93.90-67.20-100.10-142.30-145.06-156.65-169.17-182.69-197.29
Capital Expenditure (%)
Free Cash Flow 211.80394.60580.60720440.10599.85647.78699.54755.44815.81

Weighted Average Cost Of Capital

Share price $ 67.04
Beta 0.823
Diluted Shares Outstanding 126.71
Cost of Debt
Tax Rate 25.14
After-tax Cost of Debt 3.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.444
Total Debt 3,274
Total Equity 8,494.44
Total Capital 11,768.44
Debt Weighting 27.82
Equity Weighting 72.18
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,285.304,609.804,642.105,045.205,802.306,265.956,766.647,307.357,891.268,521.83
Operating Cash Flow 368.40488.50647.80820.10582.40744.91804.43868.71938.131,013.10
Capital Expenditure -156.60-93.90-67.20-100.10-142.30-145.06-156.65-169.17-182.69-197.29
Free Cash Flow 211.80394.60580.60720440.10599.85647.78699.54755.44815.81
WACC
PV LFCF 560.29565.16570.08575.03580.03
SUM PV LFCF 2,850.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) 832.12
Terminal Value 16,445.11
Present Value of Terminal Value 11,692.32

Intrinsic Value

Enterprise Value 14,542.91
Net Debt 2,702
Equity Value 11,840.91
Shares Outstanding 126.71
Equity Value Per Share 93.45