Discounted Cash Flow (DCF) Analysis Unlevered

Abcam plc (ABCM)

$16.28

-0.08 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.62 | 16.28 | overvalue

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 217.10233.20259.90260297.70322.56349.50378.69410.31444.58
Revenue (%)
EBITDA 67.2282.3072.1041.1034.9078.4084.9592.0499.73108.06
EBITDA (%)
EBIT 51.9069.4056.7011.20-0.5051.3755.6660.3065.3470.80
EBIT (%)
Depreciation 15.3312.9015.4029.9035.4027.0429.2931.7434.3937.26
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 85.7490.2087.10187.30136.74148.15160.53173.93188.46204.20
Total Cash (%)
Account Receivables 32.2136.5043.4046.1048.3152.3556.7261.4666.5972.15
Account Receivables (%)
Inventories 21.7629.603640.7038.8742.1145.6349.4453.5758.04
Inventories (%)
Accounts Payable 6.87779.409.2910.0610.9011.8112.8013.87
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 217.10233.20259.90260297.70322.56349.50378.69410.31444.58
EBITDA 67.2282.3072.1041.1034.9078.4084.9592.0499.73108.06
EBIT 51.9069.4056.7011.20-0.5051.3755.6660.3065.3470.80
Tax Rate 18.35%9.99%20.21%-48.81%36.52%7.25%7.25%7.25%7.25%7.25%
EBIAT 42.3862.4745.2416.67-0.3247.6451.6255.9360.6065.66
Depreciation 15.3312.9015.4029.9035.4027.0429.2931.7434.3937.26
Accounts Receivable --4.29-6.90-2.70-2.21-4.03-4.37-4.74-5.13-5.56
Inventories --7.84-6.40-4.701.83-3.25-3.52-3.81-4.13-4.47
Accounts Payable -0.1302.40-0.110.780.840.910.991.07
Capital Expenditure -19.17-37.40-40.40-35.70-57.20-47.32-51.28-55.56-60.20-65.23
UFCF 38.5325.976.945.87-22.6120.8522.5924.4726.5228.73
WACC
PV UFCF 19.6019.9720.3520.7321.12
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