Discounted Cash Flow (DCF) Analysis Levered
International Flavors & Fragrances ... (IFFT)
$47.56
-1.32 (-2.70%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3,116.35 | 3,398.72 | 3,977.54 | 5,140.08 | 5,084.24 | 5,773.57 | 6,556.36 | 7,445.28 | 8,454.73 | 9,601.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 535.41 | 390.76 | 437.57 | 698.97 | 714.10 | 777.38 | 882.78 | 1,002.47 | 1,138.39 | 1,292.73 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -126.41 | -128.97 | -173.42 | -242.05 | -191.79 | -238.94 | -271.33 | -308.12 | -349.90 | -397.34 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 408.99 | 261.78 | 264.16 | 456.92 | 522.30 | 538.44 | 611.45 | 694.35 | 788.49 | 895.39 |
Weighted Average Cost Of Capital
| Share price | $ 47.56 |
|---|---|
| Beta | 0.973 |
| Diluted Shares Outstanding | 112.13 |
| Cost of Debt | |
| Tax Rate | 17.30 |
| After-tax Cost of Debt | 2.45% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.088 |
| Total Debt | 4,457.14 |
| Total Equity | 5,332.90 |
| Total Capital | 9,790.04 |
| Debt Weighting | 45.53 |
| Equity Weighting | 54.47 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 3,116.35 | 3,398.72 | 3,977.54 | 5,140.08 | 5,084.24 | 5,773.57 | 6,556.36 | 7,445.28 | 8,454.73 | 9,601.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 535.41 | 390.76 | 437.57 | 698.97 | 714.10 | 777.38 | 882.78 | 1,002.47 | 1,138.39 | 1,292.73 |
| Capital Expenditure | -126.41 | -128.97 | -173.42 | -242.05 | -191.79 | -238.94 | -271.33 | -308.12 | -349.90 | -397.34 |
| Free Cash Flow | 408.99 | 261.78 | 264.16 | 456.92 | 522.30 | 538.44 | 611.45 | 694.35 | 788.49 | 895.39 |
| WACC | ||||||||||
| PV LFCF | 510.28 | 549.15 | 590.98 | 636 | 684.45 | |||||
| SUM PV LFCF | 2,970.85 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.52 |
| Free cash flow (t + 1) | 913.30 |
| Terminal Value | 25,946.03 |
| Present Value of Terminal Value | 19,833.39 |
Intrinsic Value
| Enterprise Value | 22,804.24 |
|---|---|
| Net Debt | 3,807.60 |
| Equity Value | 18,996.64 |
| Shares Outstanding | 112.13 |
| Equity Value Per Share | 169.42 |