Discounted Cash Flow (DCF) Analysis Levered

Univar Solutions Inc. (UNVR)

$35.62

-0.04 (-0.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 16.73 | 35.62 | 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	8,632.50	9,286.90	8,265	9,535.50	11,475.30	12,401.70	13,402.89	14,484.90	15,654.27	16,918.03
Revenue (%)
Operating Cash Flow	289.90	363.90	226	290.30	546.40	441.92	477.60	516.16	557.83	602.86
Operating Cash Flow (%)
Capital Expenditure	-94.60	-122.50	-111	-110.90	-153.80	-155.30	-167.84	-181.39	-196.03	-211.86
Capital Expenditure (%)
Free Cash Flow	195.30	241.40	115	179.40	392.60	286.62	309.76	334.77	361.80	391

Weighted Average Cost Of Capital

Share price	$ 35.62
Beta	1.697
Diluted Shares Outstanding	167.40
Cost of Debt
Tax Rate	27.89
After-tax Cost of Debt	3.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.645
Total Debt	2,465.80
Total Equity	5,962.79
Total Capital	8,428.59
Debt Weighting	29.26
Equity Weighting	70.74
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	8,632.50	9,286.90	8,265	9,535.50	11,475.30	12,401.70	13,402.89	14,484.90	15,654.27	16,918.03
Operating Cash Flow	289.90	363.90	226	290.30	546.40	441.92	477.60	516.16	557.83	602.86
Capital Expenditure	-94.60	-122.50	-111	-110.90	-153.80	-155.30	-167.84	-181.39	-196.03	-211.86
Free Cash Flow	195.30	241.40	115	179.40	392.60	286.62	309.76	334.77	361.80	391
WACC
PV LFCF						262.57	259.96	257.37	254.81	252.27
SUM PV LFCF										1,286.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.16
Free cash flow (t + 1)	398.82
Terminal Value	5,570.15
Present Value of Terminal Value	3,593.76

Intrinsic Value

Enterprise Value	4,880.74
Net Debt	2,080.50
Equity Value	2,800.24
Shares Outstanding	167.40
Equity Value Per Share	16.73