Discounted Cash Flow (DCF) Analysis Levered

IMCD N.V. (IMCD.AS)

142.3 €

-0.45 (-0.32%)

All numbers are in Millions, Currency in USD

Stock DCF: 154.03 | 142.3 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,379.10	2,689.63	2,774.92	3,435.25	4,601.49	5,452.41	6,460.69	7,655.42	9,071.08	10,748.54
Revenue (%)
Operating Cash Flow	114.26	174.14	242.37	196.26	298.84	351.34	416.32	493.30	584.53	692.62
Operating Cash Flow (%)
Capital Expenditure	-12.74	-17.72	-22.32	-18.72	-21.26	-32.78	-38.84	-46.02	-54.53	-64.61
Capital Expenditure (%)
Free Cash Flow	101.52	156.42	220.04	177.55	277.58	318.57	377.48	447.29	530	628.01

Weighted Average Cost Of Capital

Share price	$ 142.3
Beta	0.982
Diluted Shares Outstanding	56.93
Cost of Debt
Tax Rate	28.17
After-tax Cost of Debt	2.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.328
Total Debt	722.60
Total Equity	8,101
Total Capital	8,823.60
Debt Weighting	8.19
Equity Weighting	91.81
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,379.10	2,689.63	2,774.92	3,435.25	4,601.49	5,452.41	6,460.69	7,655.42	9,071.08	10,748.54
Operating Cash Flow	114.26	174.14	242.37	196.26	298.84	351.34	416.32	493.30	584.53	692.62
Capital Expenditure	-12.74	-17.72	-22.32	-18.72	-21.26	-32.78	-38.84	-46.02	-54.53	-64.61
Free Cash Flow	101.52	156.42	220.04	177.55	277.58	318.57	377.48	447.29	530	628.01
WACC
PV LFCF						295.33	324.41	356.35	391.45	429.99
SUM PV LFCF										1,797.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.87
Free cash flow (t + 1)	640.57
Terminal Value	10,912.57
Present Value of Terminal Value	7,471.77

Intrinsic Value

Enterprise Value	9,269.30
Net Debt	500.60
Equity Value	8,768.71
Shares Outstanding	56.93
Equity Value Per Share	154.03