Discounted Cash Flow (DCF) Analysis Unlevered
Abcam plc (ABCM)
$16.28
-0.08 (-0.49%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 217.10 | 233.20 | 259.90 | 260 | 297.70 | 322.56 | 349.50 | 378.69 | 410.31 | 444.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 67.22 | 82.30 | 72.10 | 41.10 | 34.90 | 78.40 | 84.95 | 92.04 | 99.73 | 108.06 |
| EBITDA (%) | ||||||||||
| EBIT | 51.90 | 69.40 | 56.70 | 11.20 | -0.50 | 51.37 | 55.66 | 60.30 | 65.34 | 70.80 |
| EBIT (%) | ||||||||||
| Depreciation | 15.33 | 12.90 | 15.40 | 29.90 | 35.40 | 27.04 | 29.29 | 31.74 | 34.39 | 37.26 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 85.74 | 90.20 | 87.10 | 187.30 | 136.74 | 148.15 | 160.53 | 173.93 | 188.46 | 204.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 32.21 | 36.50 | 43.40 | 46.10 | 48.31 | 52.35 | 56.72 | 61.46 | 66.59 | 72.15 |
| Account Receivables (%) | ||||||||||
| Inventories | 21.76 | 29.60 | 36 | 40.70 | 38.87 | 42.11 | 45.63 | 49.44 | 53.57 | 58.04 |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.87 | 7 | 7 | 9.40 | 9.29 | 10.06 | 10.90 | 11.81 | 12.80 | 13.87 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -19.17 | -37.40 | -40.40 | -35.70 | -57.20 | -47.32 | -51.28 | -55.56 | -60.20 | -65.23 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 16.28 |
|---|---|
| Beta | 0.644 |
| Diluted Shares Outstanding | 209.60 |
| Cost of Debt | |
| Tax Rate | 36.52 |
| After-tax Cost of Debt | 0.76% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.738 |
| Total Debt | 234.20 |
| Total Equity | 3,412.29 |
| Total Capital | 3,646.49 |
| Debt Weighting | 6.42 |
| Equity Weighting | 93.58 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 217.10 | 233.20 | 259.90 | 260 | 297.70 | 322.56 | 349.50 | 378.69 | 410.31 | 444.58 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 67.22 | 82.30 | 72.10 | 41.10 | 34.90 | 78.40 | 84.95 | 92.04 | 99.73 | 108.06 |
| EBIT | 51.90 | 69.40 | 56.70 | 11.20 | -0.50 | 51.37 | 55.66 | 60.30 | 65.34 | 70.80 |
| Tax Rate | 18.35% | 9.99% | 20.21% | -48.81% | 36.52% | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% |
| EBIAT | 42.38 | 62.47 | 45.24 | 16.67 | -0.32 | 47.64 | 51.62 | 55.93 | 60.60 | 65.66 |
| Depreciation | 15.33 | 12.90 | 15.40 | 29.90 | 35.40 | 27.04 | 29.29 | 31.74 | 34.39 | 37.26 |
| Accounts Receivable | - | -4.29 | -6.90 | -2.70 | -2.21 | -4.03 | -4.37 | -4.74 | -5.13 | -5.56 |
| Inventories | - | -7.84 | -6.40 | -4.70 | 1.83 | -3.25 | -3.52 | -3.81 | -4.13 | -4.47 |
| Accounts Payable | - | 0.13 | 0 | 2.40 | -0.11 | 0.78 | 0.84 | 0.91 | 0.99 | 1.07 |
| Capital Expenditure | -19.17 | -37.40 | -40.40 | -35.70 | -57.20 | -47.32 | -51.28 | -55.56 | -60.20 | -65.23 |
| UFCF | 38.53 | 25.97 | 6.94 | 5.87 | -22.61 | 20.85 | 22.59 | 24.47 | 26.52 | 28.73 |
| WACC | ||||||||||
| PV UFCF | 19.60 | 19.97 | 20.35 | 20.73 | 21.12 | |||||
| SUM PV UFCF | 101.77 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.35 |
| Free cash flow (t + 1) | 29.31 |
| Terminal Value | 673.73 |
| Present Value of Terminal Value | 495.22 |
Intrinsic Value
| Enterprise Value | 596.99 |
|---|---|
| Net Debt | 46.90 |
| Equity Value | 550.09 |
| Shares Outstanding | 209.60 |
| Equity Value Per Share | 2.62 |