Discounted Cash Flow (DCF) Analysis Unlevered
Abcam plc (ABCM)
$22.65
-0.08 (-0.35%)
All numbers are in Millions, Currency in USD
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 | 233.20 | 259.90 | 260 | 315.40 | 361.70 | 404.63 | 452.65 | 506.38 | 566.48 | 633.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 82 | 93 | 66.40 | 47.40 | 42.70 | 99.80 | 111.64 | 124.89 | 139.71 | 156.30 |
| EBITDA (%) | ||||||||||
| EBIT | 69.10 | 77.60 | 36.50 | 6.40 | -10.20 | 58.86 | 65.85 | 73.66 | 82.41 | 92.19 |
| EBIT (%) | ||||||||||
| Depreciation | 12.90 | 15.40 | 29.90 | 41 | 52.90 | 40.93 | 45.79 | 51.23 | 57.31 | 64.11 |
| 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 | 90.20 | 87.10 | 187.30 | 95.10 | 89 | 161.03 | 180.15 | 201.53 | 225.45 | 252.20 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 39.30 | 48.50 | 50.80 | 57.88 | 66.37 | 74.25 | 83.07 | 92.92 | 103.95 | 116.29 |
| Account Receivables (%) | ||||||||||
| Inventories | 29.60 | 36 | 40.70 | 58.20 | 68 | 64.30 | 71.93 | 80.46 | 90.02 | 100.70 |
| Inventories (%) | ||||||||||
| Accounts Payable | 45.80 | 41.80 | 43.80 | 12.90 | 15.80 | 49.39 | 55.25 | 61.81 | 69.14 | 77.35 |
| 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 | 233.20 | 259.90 | 260 | 315.40 | 361.70 | 404.63 | 452.65 | 506.38 | 566.48 | 633.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 82 | 93 | 66.40 | 47.40 | 42.70 | 99.80 | 111.64 | 124.89 | 139.71 | 156.30 |
| EBIT | 69.10 | 77.60 | 36.50 | 6.40 | -10.20 | 58.86 | 65.85 | 73.66 | 82.41 | 92.19 |
| Tax Rate | 9.99% | 20.21% | -73.81% | 6.38% | 45.51% | 1.66% | 1.66% | 1.66% | 1.66% | 1.66% |
| EBIAT | 62.20 | 61.91 | 63.44 | 5.99 | -5.56 | 57.89 | 64.76 | 72.44 | 81.04 | 90.66 |
| Depreciation | 12.90 | 15.40 | 29.90 | 41 | 52.90 | 40.93 | 45.79 | 51.23 | 57.31 | 64.11 |
| 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 | -9.80 | 3.70 | -7.63 | -8.54 | -9.55 | -10.68 |
| Accounts Payable | - | -4 | 2 | -30.90 | 2.90 | 33.59 | 5.86 | 6.56 | 7.34 | 8.21 |
| Capital Expenditure | -37.40 | -40.40 | -35.70 | -59.80 | -41.30 | -61.25 | -68.52 | -76.66 | -85.76 | -95.93 |
| UFCF | 37.70 | 17.31 | 52.64 | -68.29 | -9.35 | 66.98 | 31.44 | 35.18 | 39.35 | 44.02 |
| WACC | ||||||||||
| PV UFCF | 61.64 | 26.63 | 27.41 | 28.22 | 29.05 | |||||
| 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 |