Discounted Cash Flow (DCF) Analysis Levered

Terex Corporation (TEX)

$56.69

-0.66 (-1.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.25 | 56.69 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,353.103,076.403,886.804,417.705,151.505,502.885,878.226,279.176,707.467,164.97
Revenue (%)
Operating Cash Flow 173.40225.40293.40261.20459.30370.75396.04423.05451.91482.73
Operating Cash Flow (%)
Capital Expenditure -108.90-64.50-59.70-109.60-127.20-121.99-130.31-139.20-148.70-158.84
Capital Expenditure (%)
Free Cash Flow 64.50160.90233.70151.60332.10248.76265.73283.85303.22323.90

Weighted Average Cost Of Capital

Share price $ 56.69
Beta 1.671
Diluted Shares Outstanding 68.30
Cost of Debt
Tax Rate 10.64
After-tax Cost of Debt 9.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.046
Total Debt 623.20
Total Equity 3,871.93
Total Capital 4,495.13
Debt Weighting 13.86
Equity Weighting 86.14
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,353.103,076.403,886.804,417.705,151.505,502.885,878.226,279.176,707.467,164.97
Operating Cash Flow 173.40225.40293.40261.20459.30370.75396.04423.05451.91482.73
Capital Expenditure -108.90-64.50-59.70-109.60-127.20-121.99-130.31-139.20-148.70-158.84
Free Cash Flow 64.50160.90233.70151.60332.10248.76265.73283.85303.22323.90
WACC
PV LFCF 222.84213.24204.06195.27186.85
SUM PV LFCF 1,022.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.63
Free cash flow (t + 1) 330.37
Terminal Value 3,430.68
Present Value of Terminal Value 1,979.14

Intrinsic Value

Enterprise Value 3,001.40
Net Debt 252.50
Equity Value 2,748.90
Shares Outstanding 68.30
Equity Value Per Share 40.25