Discounted Cash Flow (DCF) Analysis Levered

DENTSPLY SIRONA Inc. (XRAY)

$33.27

+0.59 (+1.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.50 | 33.27 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,029.203,3424,2513,9223,953.433,985.124,017.064,049.264,081.714,114.42
Revenue (%)
Operating Cash Flow 632.80635657517377580.86585.52590.21594.94599.71
Operating Cash Flow (%)
Capital Expenditure -122.90-87-142-149-149-132-133.06-134.13-135.20-136.28
Capital Expenditure (%)
Free Cash Flow 509.90548515368228448.86452.46456.09459.74463.43

Weighted Average Cost Of Capital

Share price $ 33.27
Beta 1.019
Diluted Shares Outstanding 215.50
Cost of Debt
Tax Rate 9.95
After-tax Cost of Debt 3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.969
Total Debt 2,093
Total Equity 7,169.69
Total Capital 9,262.68
Debt Weighting 22.60
Equity Weighting 77.40
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,029.203,3424,2513,9223,953.433,985.124,017.064,049.264,081.714,114.42
Operating Cash Flow 632.80635657517377580.86585.52590.21594.94599.71
Capital Expenditure -122.90-87-142-149-149-132-133.06-134.13-135.20-136.28
Free Cash Flow 509.90548515368228448.86452.46456.09459.74463.43
WACC
PV LFCF 228416.42389.42364.18340.57318.49
SUM PV LFCF 1,829.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.79
Free cash flow (t + 1) 472.70
Terminal Value 8,164
Present Value of Terminal Value 5,610.62

Intrinsic Value

Enterprise Value 7,439.69
Net Debt 1,728
Equity Value 5,711.69
Shares Outstanding 215.50
Equity Value Per Share 26.50