Discounted Cash Flow (DCF) Analysis Levered

Vishay Precision Group, Inc. (VPG)

$43.815

+0.13 (+0.29%)

All numbers are in Millions, Currency in USD

Stock DCF: 25.64 | 43.815 | 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	254.35	299.79	283.96	269.81	317.92	338.13	359.63	382.50	406.82	432.68
Revenue (%)
Operating Cash Flow	22.73	35.38	30.93	35.31	33.54	37.38	39.75	42.28	44.97	47.83
Operating Cash Flow (%)
Capital Expenditure	-6.96	-14.52	-11.20	-22.95	-17.06	-17.17	-18.27	-19.43	-20.66	-21.98
Capital Expenditure (%)
Free Cash Flow	15.77	20.86	19.74	12.36	16.48	20.20	21.49	22.85	24.31	25.85

Weighted Average Cost Of Capital

Share price	$ 43.815
Beta	1.284
Diluted Shares Outstanding	13.62
Cost of Debt
Tax Rate	21.96
After-tax Cost of Debt	1.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.713
Total Debt	90.46
Total Equity	596.89
Total Capital	687.36
Debt Weighting	13.16
Equity Weighting	86.84
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	254.35	299.79	283.96	269.81	317.92	338.13	359.63	382.50	406.82	432.68
Operating Cash Flow	22.73	35.38	30.93	35.31	33.54	37.38	39.75	42.28	44.97	47.83
Capital Expenditure	-6.96	-14.52	-11.20	-22.95	-17.06	-17.17	-18.27	-19.43	-20.66	-21.98
Free Cash Flow	15.77	20.86	19.74	12.36	16.48	20.20	21.49	22.85	24.31	25.85
WACC
PV LFCF						18.61	18.23	17.86	17.49	17.14
SUM PV LFCF										89.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.57
Free cash flow (t + 1)	26.37
Terminal Value	401.33
Present Value of Terminal Value	266.05

Intrinsic Value

Enterprise Value	355.37
Net Debt	6.13
Equity Value	349.24
Shares Outstanding	13.62
Equity Value Per Share	25.64