Discounted Cash Flow (DCF) Analysis Levered

TechnipFMC plc (FTI)

$6.32

-0.10 (-1.56%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.37 | 6.32 | overvalue

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 15,056.9012,552.9013,409.1013,050.606,4035,387.804,533.563,814.763,209.932,701
Revenue (%)
Operating Cash Flow 210.70-185.40848.50656.90715241.92203.56171.29144.13121.28
Operating Cash Flow (%)
Capital Expenditure -255.70-368.10-454.40-291.80-191-142.65-120.03-101-84.99-71.51
Capital Expenditure (%)
Free Cash Flow -45-553.50394.10365.1052499.2783.5370.2859.1449.76

Weighted Average Cost Of Capital

Share price $ 6.32
Beta 1.891
Diluted Shares Outstanding 450.70
Cost of Debt
Tax Rate 27.54
After-tax Cost of Debt 14.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.049
Total Debt 2,004
Total Equity 2,848.42
Total Capital 4,852.42
Debt Weighting 41.30
Equity Weighting 58.70
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 15,056.9012,552.9013,409.1013,050.606,4035,387.804,533.563,814.763,209.932,701
Operating Cash Flow 210.70-185.40848.50656.90715241.92203.56171.29144.13121.28
Capital Expenditure -255.70-368.10-454.40-291.80-191-142.65-120.03-101-84.99-71.51
Free Cash Flow -45-553.50394.10365.1052499.2783.5370.2859.1449.76
WACC
PV LFCF 87.7865.3148.5936.1626.90
SUM PV LFCF 264.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.09
Free cash flow (t + 1) 50.76
Terminal Value 457.70
Present Value of Terminal Value 247.43

Intrinsic Value

Enterprise Value 512.17
Net Debt 677
Equity Value -164.83
Shares Outstanding 450.70
Equity Value Per Share -0.37