Discounted Cash Flow (DCF) Analysis Levered

International Flavors & Fragrances ... (IFFT)

$47.56

-1.32 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 168.82 | 47.56 | undervalue

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 3,116.353,398.723,977.545,140.085,084.245,773.576,556.367,445.288,454.739,601.03
Revenue (%)
Operating Cash Flow 535.41390.76437.57698.97714.10777.38882.781,002.471,138.391,292.73
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 408.99261.78264.16456.92522.30538.44611.45694.35788.49895.39

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 8.112
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 3,116.353,398.723,977.545,140.085,084.245,773.576,556.367,445.288,454.739,601.03
Operating Cash Flow 535.41390.76437.57698.97714.10777.38882.781,002.471,138.391,292.73
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 408.99261.78264.16456.92522.30538.44611.45694.35788.49895.39
WACC
PV LFCF 510.23549.04590.81635.76684.12
SUM PV LFCF 2,969.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.53
Free cash flow (t + 1) 913.30
Terminal Value 25,872.53
Present Value of Terminal Value 19,767.84

Intrinsic Value

Enterprise Value 22,737.80
Net Debt 3,807.60
Equity Value 18,930.20
Shares Outstanding 112.13
Equity Value Per Share 168.82