Discounted Cash Flow (DCF) Analysis Unlevered

Agilent Technologies, Inc. (A)

$135.33

+1.19 (+0.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 98.56 | 135.33 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 5,1635,3396,3196,8486,8337,344.067,893.338,483.699,118.219,800.18
Revenue (%)
EBITDA 1,2311,2281,7621,9051,7051,872.712,012.772,163.312,325.112,499.01
EBITDA (%)
EBIT 9939201,4411,5881,4341,519.411,633.051,755.181,886.462,027.55
EBIT (%)
Depreciation 238308321317271353.30379.73408.13438.65471.46
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 1,3821,4411,5751,0531,5901,723.331,852.231,990.762,139.652,299.68
Total Cash (%)
Account Receivables 9301,0381,1721,4051,2911,401.431,506.241,618.901,739.981,870.12
Account Receivables (%)
Inventories 6797208301,0381,0311,028.431,105.351,188.031,276.881,372.38
Inventories (%)
Accounts Payable 354354446580418516.02554.62596.10640.68688.60
Accounts Payable (%)
Capital Expenditure -156-119-189-291-298-247.52-266.04-285.93-307.32-330.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 135.33
Beta 1.109
Diluted Shares Outstanding 296
Cost of Debt
Tax Rate 7.39
After-tax Cost of Debt 3.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.537
Total Debt 2,735
Total Equity 40,057.68
Total Capital 42,792.68
Debt Weighting 6.39
Equity Weighting 93.61
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 5,1635,3396,3196,8486,8337,344.067,893.338,483.699,118.219,800.18
EBITDA 1,2311,2281,7621,9051,7051,872.712,012.772,163.312,325.112,499.01
EBIT 9939201,4411,5881,4341,519.411,633.051,755.181,886.462,027.55
Tax Rate -16.54%14.61%11.03%16.62%7.39%6.62%6.62%6.62%6.62%6.62%
EBIAT 1,157.24785.611,282.071,324.041,327.981,418.781,524.891,638.941,761.521,893.27
Depreciation 238308321317271353.30379.73408.13438.65471.46
Accounts Receivable --108-134-233114-110.43-104.82-112.66-121.08-130.14
Inventories --41-110-20872.57-76.92-82.67-88.86-95.50
Accounts Payable --092134-16298.0238.5941.4844.5847.92
Capital Expenditure -156-119-189-291-298-247.52-266.04-285.93-307.32-330.30
UFCF 1,239.24825.611,262.071,043.041,259.981,514.721,495.441,607.291,727.501,856.71
WACC
PV UFCF 1,387.361,254.541,234.991,215.761,196.82
SUM PV UFCF 6,289.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.18
Free cash flow (t + 1) 1,930.98
Terminal Value 37,277.52
Present Value of Terminal Value 24,028.77

Intrinsic Value

Enterprise Value 30,318.24
Net Debt 1,145
Equity Value 29,173.24
Shares Outstanding 296
Equity Value Per Share 98.56