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	4,285.30	4,609.80	4,642.10	5,045.20	5,802.30	6,265.95	6,766.64	7,307.35	7,891.26	8,521.83
Revenue (%)
Operating Cash Flow	368.40	488.50	647.80	820.10	582.40	744.91	804.43	868.71	938.13	1,013.10
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	211.80	394.60	580.60	720	440.10	599.85	647.78	699.54	755.44	815.81

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	4,285.30	4,609.80	4,642.10	5,045.20	5,802.30	6,265.95	6,766.64	7,307.35	7,891.26	8,521.83
Operating Cash Flow	368.40	488.50	647.80	820.10	582.40	744.91	804.43	868.71	938.13	1,013.10
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	211.80	394.60	580.60	720	440.10	599.85	647.78	699.54	755.44	815.81
WACC
PV LFCF						560.29	565.16	570.08	575.03	580.03
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