Discounted Cash Flow (DCF) Analysis Levered
TPI Composites, Inc. (TPIC)
$2.65
+0.09 (+3.52%)
All numbers are in Millions, Currency in USD
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 | 1,029.62 | 1,436.50 | 1,670.14 | 1,732.58 | 1,522.74 | 1,703.22 | 1,905.09 | 2,130.88 | 2,383.44 | 2,665.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -3.26 | 57.08 | 37.57 | -25.53 | -62.27 | 1.17 | 1.31 | 1.47 | 1.64 | 1.84 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -52.69 | -74.41 | -65.67 | -37.12 | -18.83 | -59.98 | -67.09 | -75.04 | -83.93 | -93.88 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -55.95 | -17.32 | -28.10 | -62.64 | -81.10 | -58.81 | -65.78 | -73.57 | -82.29 | -92.05 |
Weighted Average Cost Of Capital
| Share price | $ 2.65 |
|---|---|
| Beta | 1.793 |
| Diluted Shares Outstanding | 41.96 |
| Cost of Debt | |
| Tax Rate | -114.17 |
| After-tax Cost of Debt | 2.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.037 |
| Total Debt | 216.76 |
| Total Equity | 111.19 |
| Total Capital | 327.95 |
| Debt Weighting | 66.09 |
| Equity Weighting | 33.91 |
| 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 | 1,029.62 | 1,436.50 | 1,670.14 | 1,732.58 | 1,522.74 | 1,703.22 | 1,905.09 | 2,130.88 | 2,383.44 | 2,665.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -3.26 | 57.08 | 37.57 | -25.53 | -62.27 | 1.17 | 1.31 | 1.47 | 1.64 | 1.84 |
| Capital Expenditure | -52.69 | -74.41 | -65.67 | -37.12 | -18.83 | -59.98 | -67.09 | -75.04 | -83.93 | -93.88 |
| Free Cash Flow | -55.95 | -17.32 | -28.10 | -62.64 | -81.10 | -58.81 | -65.78 | -73.57 | -82.29 | -92.05 |
| WACC | ||||||||||
| PV LFCF | -55.51 | -58.60 | -61.86 | -65.31 | -68.95 | |||||
| SUM PV LFCF | -310.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.95 |
| Free cash flow (t + 1) | -93.89 |
| Terminal Value | -2,376.92 |
| Present Value of Terminal Value | -1,780.37 |
Intrinsic Value
| Enterprise Value | -2,090.59 |
|---|---|
| Net Debt | 83.21 |
| Equity Value | -2,173.80 |
| Shares Outstanding | 41.96 |
| Equity Value Per Share | -51.81 |