Discounted Cash Flow (DCF) Analysis Unlevered

Abcam plc (ABCM)

$22.65

-0.08 (-0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.11 | 22.65 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 233.20259.90260315.40361.70404.63452.65506.38566.48633.72
Revenue (%)
EBITDA 829366.4047.4042.7099.80111.64124.89139.71156.30
EBITDA (%)
EBIT 69.1077.6036.506.40-10.2058.8665.8573.6682.4192.19
EBIT (%)
Depreciation 12.9015.4029.904152.9040.9345.7951.2357.3164.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 90.2087.10187.3095.1089161.03180.15201.53225.45252.20
Total Cash (%)
Account Receivables 39.3048.5050.8057.8866.3774.2583.0792.92103.95116.29
Account Receivables (%)
Inventories 29.603640.7058.206864.3071.9380.4690.02100.70
Inventories (%)
Accounts Payable 45.8041.8043.8012.9015.8049.3955.2561.8169.1477.35
Accounts Payable (%)
Capital Expenditure -37.40-40.40-35.70-59.80-41.30-61.25-68.52-76.66-85.76-95.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.65
Beta 0.930
Diluted Shares Outstanding 228.70
Cost of Debt
Tax Rate 45.51
After-tax Cost of Debt 1.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.989
Total Debt 223.90
Total Equity 5,180.06
Total Capital 5,403.95
Debt Weighting 4.14
Equity Weighting 95.86
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 233.20259.90260315.40361.70404.63452.65506.38566.48633.72
EBITDA 829366.4047.4042.7099.80111.64124.89139.71156.30
EBIT 69.1077.6036.506.40-10.2058.8665.8573.6682.4192.19
Tax Rate 9.99%20.21%-73.81%6.38%45.51%1.66%1.66%1.66%1.66%1.66%
EBIAT 62.2061.9163.445.99-5.5657.8964.7672.4481.0490.66
Depreciation 12.9015.4029.904152.9040.9345.7951.2357.3164.11
Accounts Receivable --9.20-2.30-7.08-8.50-7.88-8.81-9.86-11.03-12.34
Inventories --6.40-4.70-17.50-9.803.70-7.63-8.54-9.55-10.68
Accounts Payable --42-30.902.9033.595.866.567.348.21
Capital Expenditure -37.40-40.40-35.70-59.80-41.30-61.25-68.52-76.66-85.76-95.93
UFCF 37.7017.3152.64-68.29-9.3566.9831.4435.1839.3544.02
WACC
PV UFCF 61.6426.6327.4128.2229.05
SUM PV UFCF 172.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.67
Free cash flow (t + 1) 44.90
Terminal Value 673.18
Present Value of Terminal Value 444.21

Intrinsic Value

Enterprise Value 617.14
Net Debt 134.90
Equity Value 482.24
Shares Outstanding 228.70
Equity Value Per Share 2.11