Discounted Cash Flow (DCF) Analysis Levered

FMC Corporation (FMC)

$126.01

+2.87 (+2.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 153.38 | 126.01 | undervalue

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 2,878.604,727.804,609.804,642.105,045.205,942.346,9998,243.569,709.4311,435.96
Revenue (%)
Operating Cash Flow 335.50368.40488.50647.80820.10716.10843.44993.421,170.071,378.13
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 249.80163.30346.60533.40720539.71635.68748.72881.851,038.66

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 2,878.604,727.804,609.804,642.105,045.205,942.346,9998,243.569,709.4311,435.96
Operating Cash Flow 335.50368.40488.50647.80820.10716.10843.44993.421,170.071,378.13
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 249.80163.30346.60533.40720539.71635.68748.72881.851,038.66
WACC
PV LFCF 509.06565.54628.28697.98775.42
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