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	15,056.90	12,552.90	13,409.10	13,050.60	6,403	5,387.80	4,533.56	3,814.76	3,209.93	2,701
Revenue (%)
Operating Cash Flow	210.70	-185.40	848.50	656.90	715	241.92	203.56	171.29	144.13	121.28
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	-553.50	394.10	365.10	524	99.27	83.53	70.28	59.14	49.76

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	15,056.90	12,552.90	13,409.10	13,050.60	6,403	5,387.80	4,533.56	3,814.76	3,209.93	2,701
Operating Cash Flow	210.70	-185.40	848.50	656.90	715	241.92	203.56	171.29	144.13	121.28
Capital Expenditure	-255.70	-368.10	-454.40	-291.80	-191	-142.65	-120.03	-101	-84.99	-71.51
Free Cash Flow	-45	-553.50	394.10	365.10	524	99.27	83.53	70.28	59.14	49.76
WACC
PV LFCF						87.78	65.31	48.59	36.16	26.90
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