Discounted Cash Flow (DCF) Analysis Levered

Fuchs Petrolub SE (FPE.DE)

29.65 €

+0.10 (+0.34%)

All numbers are in Millions, Currency in USD

Stock DCF: 2,155.77 | 29.65 | 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	2,567	2,572	2,378	2,871	3,412	3,686.90	3,983.95	4,304.93	4,651.77	5,026.55
Revenue (%)
Operating Cash Flow	267	329	360	169	128	353.72	382.22	413.01	446.29	482.24
Operating Cash Flow (%)
Capital Expenditure	-121	-121.24	-112.09	-135.33	-160.83	-173.79	-187.79	-202.92	-219.27	-236.94
Capital Expenditure (%)
Free Cash Flow	146	207.76	247.91	33.67	-32.83	179.93	194.43	210.09	227.02	245.31

Weighted Average Cost Of Capital

Share price	$ 29.65
Beta	0.938
Diluted Shares Outstanding	3.84
Cost of Debt
Tax Rate	27.45
After-tax Cost of Debt	2.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.214
Total Debt	179
Total Equity	113.94
Total Capital	292.94
Debt Weighting	61.10
Equity Weighting	38.90
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	2,567	2,572	2,378	2,871	3,412	3,686.90	3,983.95	4,304.93	4,651.77	5,026.55
Operating Cash Flow	267	329	360	169	128	353.72	382.22	413.01	446.29	482.24
Capital Expenditure	-121	-121.24	-112.09	-135.33	-160.83	-173.79	-187.79	-202.92	-219.27	-236.94
Free Cash Flow	146	207.76	247.91	33.67	-32.83	179.93	194.43	210.09	227.02	245.31
WACC
PV LFCF						149.85	154.68	159.67	164.82	170.14
SUM PV LFCF										916.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.68
Free cash flow (t + 1)	250.21
Terminal Value	9,336.33
Present Value of Terminal Value	7,427.75

Intrinsic Value

Enterprise Value	8,344.45
Net Debt	60
Equity Value	8,284.45
Shares Outstanding	3.84
Equity Value Per Share	2,155.77