Discounted Cash Flow (DCF) Analysis Unlevered
The Chemours Company (CC)
$28.8
+0.42 (+1.48%)
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 | 6,638 | 5,526 | 4,969 | 6,345 | 6,794 | 6,928.80 | 7,066.28 | 7,206.48 | 7,349.46 | 7,495.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,633 | 395 | 709 | 1,178 | 1,195 | 1,138.71 | 1,161.30 | 1,184.34 | 1,207.84 | 1,231.81 |
| EBITDA (%) | ||||||||||
| EBIT | 1,349 | 84 | 389 | 861 | 904 | 783.60 | 799.15 | 815 | 831.17 | 847.67 |
| EBIT (%) | ||||||||||
| Depreciation | 284 | 311 | 320 | 317 | 291 | 355.11 | 362.15 | 369.34 | 376.67 | 384.14 |
| 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 | 1,201 | 943 | 1,105.17 | 1,451 | 1,102 | 1,337.08 | 1,363.61 | 1,390.67 | 1,418.26 | 1,446.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 861 | 674 | 511 | 720 | 626 | 776.21 | 791.61 | 807.31 | 823.33 | 839.67 |
| Account Receivables (%) | ||||||||||
| Inventories | 1,147 | 1,079 | 939 | 1,099 | 1,404 | 1,298.30 | 1,324.06 | 1,350.33 | 1,377.12 | 1,404.44 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1,111 | 901 | 820 | 1,141 | 1,251 | 1,190.92 | 1,214.55 | 1,238.65 | 1,263.23 | 1,288.29 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -498 | -481 | -267 | -277 | -307 | -422.16 | -430.54 | -439.08 | -447.79 | -456.68 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 28.8 |
|---|---|
| Beta | 1.884 |
| Diluted Shares Outstanding | 166.35 |
| Cost of Debt | |
| Tax Rate | 22.00 |
| After-tax Cost of Debt | 3.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.274 |
| Total Debt | 3,813 |
| Total Equity | 4,790.78 |
| Total Capital | 8,603.78 |
| Debt Weighting | 44.32 |
| Equity Weighting | 55.68 |
| 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 | 6,638 | 5,526 | 4,969 | 6,345 | 6,794 | 6,928.80 | 7,066.28 | 7,206.48 | 7,349.46 | 7,495.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,633 | 395 | 709 | 1,178 | 1,195 | 1,138.71 | 1,161.30 | 1,184.34 | 1,207.84 | 1,231.81 |
| EBIT | 1,349 | 84 | 389 | 861 | 904 | 783.60 | 799.15 | 815 | 831.17 | 847.67 |
| Tax Rate | 13.85% | 58.06% | -22.35% | 10.06% | 22.00% | 16.33% | 16.33% | 16.33% | 16.33% | 16.33% |
| EBIAT | 1,162.13 | 35.23 | 475.93 | 774.39 | 705.14 | 655.67 | 668.68 | 681.95 | 695.48 | 709.28 |
| Depreciation | 284 | 311 | 320 | 317 | 291 | 355.11 | 362.15 | 369.34 | 376.67 | 384.14 |
| Accounts Receivable | - | 187 | 163 | -209 | 94 | -150.21 | -15.40 | -15.71 | -16.02 | -16.34 |
| Inventories | - | 68 | 140 | -160 | -305 | 105.70 | -25.76 | -26.27 | -26.79 | -27.32 |
| Accounts Payable | - | -210 | -81 | 321 | 110 | -60.08 | 23.63 | 24.10 | 24.58 | 25.06 |
| Capital Expenditure | -498 | -481 | -267 | -277 | -307 | -422.16 | -430.54 | -439.08 | -447.79 | -456.68 |
| UFCF | 948.13 | -89.77 | 750.93 | 766.39 | 588.14 | 484.04 | 582.77 | 594.33 | 606.12 | 618.15 |
| WACC | ||||||||||
| PV UFCF | 446.90 | 496.77 | 467.76 | 440.44 | 414.72 | |||||
| SUM PV UFCF | 2,266.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.31 |
| Free cash flow (t + 1) | 630.51 |
| Terminal Value | 9,992.28 |
| Present Value of Terminal Value | 6,703.81 |
Intrinsic Value
| Enterprise Value | 8,970.41 |
|---|---|
| Net Debt | 2,711 |
| Equity Value | 6,259.41 |
| Shares Outstanding | 166.35 |
| Equity Value Per Share | 37.63 |