Discounted Cash Flow (DCF) Analysis Levered

DENTSPLY SIRONA Inc. (XRAY)

$38.2

-0.24 (-0.62%)

All numbers are in Millions, Currency in USD

Stock DCF: 44.51 | 38.2 | undervalue

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	3,993.40	3,986.30	4,029.20	3,342	4,251	4,368.35	4,488.94	4,612.86	4,740.20	4,871.06
Revenue (%)
Operating Cash Flow	601.90	499.80	632.80	635	657	679.47	698.22	717.50	737.30	757.66
Operating Cash Flow (%)
Capital Expenditure	-151	-188	-122.90	-87	-142	-152.82	-157.03	-161.37	-165.82	-170.40
Capital Expenditure (%)
Free Cash Flow	450.90	311.80	509.90	548	515	526.65	541.19	556.13	571.48	587.26

Weighted Average Cost Of Capital

Share price	$ 38.2
Beta	0.914
Diluted Shares Outstanding	219.20
Cost of Debt
Tax Rate	24.69
After-tax Cost of Debt	1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.934
Total Debt	2,290
Total Equity	8,373.44
Total Capital	10,663.44
Debt Weighting	21.48
Equity Weighting	78.52
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	3,993.40	3,986.30	4,029.20	3,342	4,251	4,368.35	4,488.94	4,612.86	4,740.20	4,871.06
Operating Cash Flow	601.90	499.80	632.80	635	657	679.47	698.22	717.50	737.30	757.66
Capital Expenditure	-151	-188	-122.90	-87	-142	-152.82	-157.03	-161.37	-165.82	-170.40
Free Cash Flow	450.90	311.80	509.90	548	515	526.65	541.19	556.13	571.48	587.26
WACC
PV LFCF						358.50	345.52	333.02	320.96	309.34
SUM PV LFCF										2,297.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.62
Free cash flow (t + 1)	599
Terminal Value	12,965.40
Present Value of Terminal Value	9,410.06

Intrinsic Value

Enterprise Value	11,707.37
Net Debt	1,951
Equity Value	9,756.37
Shares Outstanding	219.20
Equity Value Per Share	44.51