Discounted Cash Flow (DCF) Analysis Levered

Gentherm Incorporated (THRM)

$57.75

+0.36 (+0.63%)

All numbers are in Millions, Currency in USD

Stock DCF: 37.75 | 57.75 | overvalue

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	1,038.26	971.68	913.10	1,046.15	1,204.66	1,256.70	1,310.99	1,367.63	1,426.72	1,488.36
Revenue (%)
Operating Cash Flow	118.43	118.80	110.69	143.08	14.95	127.36	132.87	138.61	144.59	150.84
Operating Cash Flow (%)
Capital Expenditure	-41.54	-23.73	-20.36	-46.03	-39.70	-41.14	-42.92	-44.77	-46.71	-48.72
Capital Expenditure (%)
Free Cash Flow	76.89	95.07	90.33	97.05	-24.76	86.22	89.95	93.84	97.89	102.12

Weighted Average Cost Of Capital

Share price	$ 57.75
Beta	1.368
Diluted Shares Outstanding	33.50
Cost of Debt
Tax Rate	36.32
After-tax Cost of Debt	1.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.835
Total Debt	262.78
Total Equity	1,934.80
Total Capital	2,197.58
Debt Weighting	11.96
Equity Weighting	88.04
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	1,038.26	971.68	913.10	1,046.15	1,204.66	1,256.70	1,310.99	1,367.63	1,426.72	1,488.36
Operating Cash Flow	118.43	118.80	110.69	143.08	14.95	127.36	132.87	138.61	144.59	150.84
Capital Expenditure	-41.54	-23.73	-20.36	-46.03	-39.70	-41.14	-42.92	-44.77	-46.71	-48.72
Free Cash Flow	76.89	95.07	90.33	97.05	-24.76	86.22	89.95	93.84	97.89	102.12
WACC
PV LFCF						72.87	69.88	67.01	64.27	61.63
SUM PV LFCF										365.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.78
Free cash flow (t + 1)	104.16
Terminal Value	1,536.29
Present Value of Terminal Value	1,008.62

Intrinsic Value

Enterprise Value	1,373.75
Net Debt	108.89
Equity Value	1,264.87
Shares Outstanding	33.50
Equity Value Per Share	37.75