Discounted Cash Flow (DCF) Analysis Levered

Phibro Animal Health Corporation (PAHC)

$13.29

+0.12 (+0.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 15.54 | 13.29 | 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 $ 13.29
Beta 0.574
Diluted Shares Outstanding 40.50
Cost of Debt
Tax Rate 32.01
After-tax Cost of Debt 2.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.514
Total Debt 272.93
Total Equity 538.30
Total Capital 811.22
Debt Weighting 33.64
Equity Weighting 66.36
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 24.5524.1723.8023.4423.08
SUM PV LFCF 119.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.32
Free cash flow (t + 1) 30.51
Terminal Value 918.90
Present Value of Terminal Value 709.11

Intrinsic Value

Enterprise Value 828.16
Net Debt 198.68
Equity Value 629.48
Shares Outstanding 40.50
Equity Value Per Share 15.54