Discounted Cash Flow (DCF) Analysis Unlevered

AptarGroup, Inc. (ATR)

$95.03

-1.74 (-1.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 72.02 | 95.03 | 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 2,469.282,764.762,859.732,929.343,227.223,453.163,694.923,953.604,230.394,526.56
Revenue (%)
EBITDA 488.52470.37572.09554.65587.25648.73694.15742.75794.75850.39
EBITDA (%)
EBIT 335.42298.62377.53334.35352.40413.83442.80473.80506.97542.46
EBIT (%)
Depreciation 153.09171.75194.55220.30234.85234.90251.35268.95287.78307.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 712.64261.82241.97300.38123.67420.44449.88481.37515.07551.13
Total Cash (%)
Account Receivables 510.43569.63558.43566.62671.35697.17745.98798.21854.09913.89
Account Receivables (%)
Inventories 337.22381.11375.80379.38441.46464.19496.69531.46568.67608.48
Inventories (%)
Accounts Payable 153.86164.53192.74243.74285.26249.19266.64285.30305.28326.65
Accounts Payable (%)
Capital Expenditure -156.62-211.86-247.08-252.05-307.94-281.72-301.45-322.55-345.13-369.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 95.03
Beta 0.622
Diluted Shares Outstanding 66.66
Cost of Debt
Tax Rate 24.11
After-tax Cost of Debt 1.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.738
Total Debt 1,244.66
Total Equity 6,334.41
Total Capital 7,579.08
Debt Weighting 16.42
Equity Weighting 83.58
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 2,469.282,764.762,859.732,929.343,227.223,453.163,694.923,953.604,230.394,526.56
EBITDA 488.52470.37572.09554.65587.25648.73694.15742.75794.75850.39
EBIT 335.42298.62377.53334.35352.40413.83442.80473.80506.97542.46
Tax Rate 25.37%26.79%29.19%28.93%24.11%26.88%26.88%26.88%26.88%26.88%
EBIAT 250.33218.61267.31237.63267.43302.59323.78346.45370.70396.65
Depreciation 153.09171.75194.55220.30234.85234.90251.35268.95287.78307.92
Accounts Receivable --59.2011.20-8.20-104.73-25.82-48.81-52.23-55.88-59.80
Inventories --43.895.31-3.58-62.08-22.73-32.50-34.77-37.21-39.81
Accounts Payable -10.6728.215141.52-36.0717.4518.6719.9721.37
Capital Expenditure -156.62-211.86-247.08-252.05-307.94-281.72-301.45-322.55-345.13-369.29
UFCF 246.8086.07259.51245.1169.05171.15209.82224.51240.23257.05
WACC
PV UFCF 161.57186.99188.88190.79192.71
SUM PV UFCF 920.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.93
Free cash flow (t + 1) 262.19
Terminal Value 6,671.41
Present Value of Terminal Value 5,001.76

Intrinsic Value

Enterprise Value 5,922.69
Net Debt 1,121.74
Equity Value 4,800.96
Shares Outstanding 66.66
Equity Value Per Share 72.02