Discounted Cash Flow (DCF) Analysis Levered

PQ Group Holdings Inc. (PQG)

$15.65

+0.09 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.08 | 15.65 | overvalue

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 1,064.181,472.101,608.151,567.071,107.361,150.781,195.911,242.801,291.531,342.17
Revenue (%)
Operating Cash Flow 119.72116.06248.64267.76223.60165.42171.91178.65185.66192.94
Operating Cash Flow (%)
Capital Expenditure -121.42-140.48-131.69-127.64-97.14-106.01-110.16-114.48-118.97-123.64
Capital Expenditure (%)
Free Cash Flow -1.70-24.42116.96140.12126.4659.4261.7564.1766.6869.30

Weighted Average Cost Of Capital

Share price $ 15.65
Beta 0.805
Diluted Shares Outstanding 135.53
Cost of Debt
Tax Rate -22.49
After-tax Cost of Debt 4.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.544
Total Debt 1,447.58
Total Equity 2,121.03
Total Capital 3,568.61
Debt Weighting 40.56
Equity Weighting 59.44
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 1,064.181,472.101,608.151,567.071,107.361,150.781,195.911,242.801,291.531,342.17
Operating Cash Flow 119.72116.06248.64267.76223.60165.42171.91178.65185.66192.94
Capital Expenditure -121.42-140.48-131.69-127.64-97.14-106.01-110.16-114.48-118.97-123.64
Free Cash Flow -1.70-24.42116.96140.12126.4659.4261.7564.1766.6869.30
WACC
PV LFCF 55.8654.5853.3352.1150.91
SUM PV LFCF 266.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.36
Free cash flow (t + 1) 70.68
Terminal Value 1,621.20
Present Value of Terminal Value 1,191.09

Intrinsic Value

Enterprise Value 1,457.89
Net Debt 1,312.05
Equity Value 145.84
Shares Outstanding 135.53
Equity Value Per Share 1.08