Discounted Cash Flow (DCF) Analysis Unlevered

Core Laboratories N.V. (CLB)

$13.48

-0.71 (-5.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.04 | 13.48 | 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 647.82700.85668.21487.27470.25438.46408.82381.18355.41331.38
Revenue (%)
EBITDA 137.41141.39126.99-56.5063.7854.6850.9847.5444.3241.33
EBITDA (%)
EBIT 112.47118.30104.38-77.3745.2638.2435.6633.253128.90
EBIT (%)
Depreciation 24.9423.0922.6120.8718.5216.4415.3314.2913.3312.42
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 14.4013.1211.0913.8117.7010.8310.109.428.788.19
Total Cash (%)
Account Receivables 140.61143.15138.1192.8796.8389.8483.7678.1072.8267.90
Account Receivables (%)
Inventories 33.3245.6650.1638.1545.4432.1529.9727.9526.0624.30
Inventories (%)
Accounts Payable 41.7041.1635.6123.0329.7325.1523.4521.8720.3919.01
Accounts Payable (%)
Capital Expenditure -19.15-22.93-22.45-12.38-13.54-13.16-12.27-11.44-10.67-9.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.48
Beta 2.587
Diluted Shares Outstanding 44.57
Cost of Debt
Tax Rate 44.01
After-tax Cost of Debt 2.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.016
Total Debt 213.32
Total Equity 600.84
Total Capital 814.16
Debt Weighting 26.20
Equity Weighting 73.80
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 647.82700.85668.21487.27470.25438.46408.82381.18355.41331.38
EBITDA 137.41141.39126.99-56.5063.7854.6850.9847.5444.3241.33
EBIT 112.47118.30104.38-77.3745.2638.2435.6633.253128.90
Tax Rate 16.23%24.47%-24.38%-7.09%44.01%10.65%10.65%10.65%10.65%10.65%
EBIAT 94.2189.35129.83-82.8525.3434.1731.8629.7127.7025.82
Depreciation 24.9423.0922.6120.8718.5216.4415.3314.2913.3312.42
Accounts Receivable --2.555.0445.24-3.966.996.075.665.284.92
Inventories --12.35-4.5012.01-7.2913.302.172.031.891.76
Accounts Payable --0.54-5.54-12.586.70-4.57-1.70-1.59-1.48-1.38
Capital Expenditure -19.15-22.93-22.45-12.38-13.54-13.16-12.27-11.44-10.67-9.95
UFCF 10074.07124.99-29.6925.7653.1641.4638.6636.0533.61
WACC
PV UFCF 47.2832.7927.1922.5418.69
SUM PV UFCF 148.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.45
Free cash flow (t + 1) 34.28
Terminal Value 328.05
Present Value of Terminal Value 182.45

Intrinsic Value

Enterprise Value 330.94
Net Debt 195.62
Equity Value 135.32
Shares Outstanding 44.57
Equity Value Per Share 3.04