Discounted Cash Flow (DCF) Analysis Levered

Nordson Corporation (NDSN)

$217.93

-2.78 (-1.26%)

All numbers are in Millions, Currency in USD

Stock DCF: 151.98 | 217.93 | overvalue

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	2,254.67	2,194.23	2,121.10	2,362.21	2,590.28	2,687.47	2,788.31	2,892.93	3,001.48	3,114.10
Revenue (%)
Operating Cash Flow	504.64	382.89	502.42	545.93	513.13	572.11	593.57	615.84	638.95	662.93
Operating Cash Flow (%)
Capital Expenditure	-89.79	-64.24	-50.53	-38.30	-51.43	-69.33	-71.94	-74.64	-77.44	-80.34
Capital Expenditure (%)
Free Cash Flow	414.85	318.65	451.89	507.62	461.70	502.77	521.64	541.21	561.52	582.58

Weighted Average Cost Of Capital

Share price	$ 217.93
Beta	0.918
Diluted Shares Outstanding	58.25
Cost of Debt
Tax Rate	20.97
After-tax Cost of Debt	2.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.970
Total Debt	860.45
Total Equity	12,694.20
Total Capital	13,554.66
Debt Weighting	6.35
Equity Weighting	93.65
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	2,254.67	2,194.23	2,121.10	2,362.21	2,590.28	2,687.47	2,788.31	2,892.93	3,001.48	3,114.10
Operating Cash Flow	504.64	382.89	502.42	545.93	513.13	572.11	593.57	615.84	638.95	662.93
Capital Expenditure	-89.79	-64.24	-50.53	-38.30	-51.43	-69.33	-71.94	-74.64	-77.44	-80.34
Free Cash Flow	414.85	318.65	451.89	507.62	461.70	502.77	521.64	541.21	561.52	582.58
WACC
PV LFCF						467.30	450.63	434.56	419.06	404.11
SUM PV LFCF										2,175.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.59
Free cash flow (t + 1)	594.24
Terminal Value	10,630.34
Present Value of Terminal Value	7,373.74

Intrinsic Value

Enterprise Value	9,549.40
Net Debt	697
Equity Value	8,852.40
Shares Outstanding	58.25
Equity Value Per Share	151.98