Discounted Cash Flow (DCF) Analysis Levered

Phibro Animal Health Corporation (PAHC)

$12.34

-0.10 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.98 | 12.34 | 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 819.98828800.35833.35942.26977.201,013.431,0511,089.971,130.38
Revenue (%)
Operating Cash Flow 70.0147.1759.3548.3131.6560.2162.4464.7567.1569.64
Operating Cash Flow (%)
Capital Expenditure -18.55-29.89-34.05-29.32-37.04-34.35-35.62-36.94-38.31-39.73
Capital Expenditure (%)
Free Cash Flow 51.4617.2825.3018.99-5.4025.8626.8127.8128.8429.91

Weighted Average Cost Of Capital

Share price $ 12.34
Beta 0.622
Diluted Shares Outstanding 40.50
Cost of Debt
Tax Rate 32.01
After-tax Cost of Debt 1.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.537
Total Debt 470.48
Total Equity 499.82
Total Capital 970.30
Debt Weighting 48.49
Equity Weighting 51.51
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 819.98828800.35833.35942.26977.201,013.431,0511,089.971,130.38
Operating Cash Flow 70.0147.1759.3548.3131.6560.2162.4464.7567.1569.64
Capital Expenditure -18.55-29.89-34.05-29.32-37.04-34.35-35.62-36.94-38.31-39.73
Free Cash Flow 51.4617.2825.3018.99-5.4025.8626.8127.8128.8429.91
WACC
PV LFCF 24.8124.6924.5724.4524.34
SUM PV LFCF 122.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.21
Free cash flow (t + 1) 30.51
Terminal Value 1,380.42
Present Value of Terminal Value 1,123.22

Intrinsic Value

Enterprise Value 1,246.09
Net Debt 396.24
Equity Value 849.85
Shares Outstanding 40.50
Equity Value Per Share 20.98