Discounted Cash Flow (DCF) Analysis Levered

Gentherm Incorporated (THRM)

$72

+1.00 (+1.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.45 | 72 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 985.681,038.26971.68913.101,046.151,065.671,085.561,105.811,126.451,147.47
Revenue (%)
Operating Cash Flow 49.88118.43118.80110.69143.08116.14118.31120.52122.77125.06
Operating Cash Flow (%)
Capital Expenditure -50.79-41.54-23.73-20.36-46.03-38.84-39.57-40.31-41.06-41.82
Capital Expenditure (%)
Free Cash Flow -0.9176.8995.0790.3397.0577.3078.7480.2181.7183.23

Weighted Average Cost Of Capital

Share price $ 72
Beta 1.326
Diluted Shares Outstanding 33.03
Cost of Debt
Tax Rate 17.93
After-tax Cost of Debt 3.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.779
Total Debt 64.21
Total Equity 2,378.02
Total Capital 2,442.22
Debt Weighting 2.63
Equity Weighting 97.37
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 985.681,038.26971.68913.101,046.151,065.671,085.561,105.811,126.451,147.47
Operating Cash Flow 49.88118.43118.80110.69143.08116.14118.31120.52122.77125.06
Capital Expenditure -50.79-41.54-23.73-20.36-46.03-38.84-39.57-40.31-41.06-41.82
Free Cash Flow -0.9176.8995.0790.3397.0577.3078.7480.2181.7183.23
WACC
PV LFCF 70.5265.5460.9156.6152.61
SUM PV LFCF 306.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.61
Free cash flow (t + 1) 84.90
Terminal Value 1,115.63
Present Value of Terminal Value 705.13

Intrinsic Value

Enterprise Value 1,011.32
Net Debt -126.40
Equity Value 1,137.72
Shares Outstanding 33.03
Equity Value Per Share 34.45