Discounted Cash Flow (DCF) Analysis Levered

Chart Industries, Inc. (GTLS)

$196.77

-6.06 (-2.99%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.23 | 196.77 | 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	988.80	1,084.30	1,299.10	1,177.10	1,317.70	1,423.19	1,537.12	1,660.17	1,793.08	1,936.62
Revenue (%)
Operating Cash Flow	47	88.80	133.90	172.70	-21.30	103.34	111.61	120.55	130.20	140.62
Operating Cash Flow (%)
Capital Expenditure	-35.20	-35.60	-36.20	-37.90	-52.70	-47.96	-51.80	-55.94	-60.42	-65.26
Capital Expenditure (%)
Free Cash Flow	11.80	53.20	97.70	134.80	-74	55.38	59.81	64.60	69.77	75.36

Weighted Average Cost Of Capital

Share price	$ 196.77
Beta	1.501
Diluted Shares Outstanding	36.45
Cost of Debt
Tax Rate	20.24
After-tax Cost of Debt	1.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.968
Total Debt	600.80
Total Equity	7,172.27
Total Capital	7,773.07
Debt Weighting	7.73
Equity Weighting	92.27
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	988.80	1,084.30	1,299.10	1,177.10	1,317.70	1,423.19	1,537.12	1,660.17	1,793.08	1,936.62
Operating Cash Flow	47	88.80	133.90	172.70	-21.30	103.34	111.61	120.55	130.20	140.62
Capital Expenditure	-35.20	-35.60	-36.20	-37.90	-52.70	-47.96	-51.80	-55.94	-60.42	-65.26
Free Cash Flow	11.80	53.20	97.70	134.80	-74	55.38	59.81	64.60	69.77	75.36
WACC
PV LFCF						30.87	30.25	29.64	29.04	28.45
SUM PV LFCF										241.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.23
Free cash flow (t + 1)	76.87
Terminal Value	933.98
Present Value of Terminal Value	573.90

Intrinsic Value

Enterprise Value	815.17
Net Debt	478.60
Equity Value	336.57
Shares Outstanding	36.45
Equity Value Per Share	9.23