Discounted Cash Flow (DCF) Analysis Unlevered

Core Laboratories N.V. (CLB)

$24.01

-0.11 (-0.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.18 | 24.01 | overvalue

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	700.85	668.21	487.27	470.25	489.73	451.68	416.58	384.20	354.35	326.81
Revenue (%)
EBITDA	141.71	119.29	76.64	63.78	58.68	71.68	66.11	60.97	56.23	51.86
EBITDA (%)
EBIT	118.62	96.68	55.77	45.26	41.52	55.05	50.78	46.83	43.19	39.83
EBIT (%)
Depreciation	23.09	22.61	20.87	18.52	17.16	16.62	15.33	14.14	13.04	12.03
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	13.12	11.09	13.81	17.70	15.43	12	11.06	10.20	9.41	8.68
Total Cash (%)
Account Receivables	129.16	131.58	83.19	96.83	106.91	88.18	81.33	75.01	69.18	63.80
Account Receivables (%)
Inventories	45.66	50.16	38.15	45.44	60.44	39.62	36.54	33.70	31.08	28.67
Inventories (%)
Accounts Payable	41.16	35.61	23.03	29.73	45.85	28.56	26.34	24.29	22.40	20.66
Accounts Payable (%)
Capital Expenditure	-21.74	-22.27	-11.88	-13.54	-10.22	-12.50	-11.53	-10.63	-9.81	-9.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 24.01
Beta	2.684
Diluted Shares Outstanding	46.81
Cost of Debt
Tax Rate	35.06
After-tax Cost of Debt	3.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity	17.210
Total Debt	222.39
Total Equity	1,123.98
Total Capital	1,346.37
Debt Weighting	16.52
Equity Weighting	83.48
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	700.85	668.21	487.27	470.25	489.73	451.68	416.58	384.20	354.35	326.81
EBITDA	141.71	119.29	76.64	63.78	58.68	71.68	66.11	60.97	56.23	51.86
EBIT	118.62	96.68	55.77	45.26	41.52	55.05	50.78	46.83	43.19	39.83
Tax Rate	24.47%	-24.38%	-6.47%	45.37%	35.06%	14.81%	14.81%	14.81%	14.81%	14.81%
EBIAT	89.59	120.25	59.38	24.73	26.97	46.90	43.26	39.89	36.79	33.94
Depreciation	23.09	22.61	20.87	18.52	17.16	16.62	15.33	14.14	13.04	12.03
Accounts Receivable	-	-2.42	48.39	-13.64	-10.08	18.73	6.85	6.32	5.83	5.38
Inventories	-	-4.50	12.01	-7.29	-15	20.83	3.08	2.84	2.62	2.42
Accounts Payable	-	-5.54	-12.58	6.70	16.12	-17.29	-2.22	-2.05	-1.89	-1.74
Capital Expenditure	-21.74	-22.27	-11.88	-13.54	-10.22	-12.50	-11.53	-10.63	-9.81	-9.04
UFCF	90.94	108.13	116.18	15.47	24.95	73.29	54.77	50.51	46.59	42.97
WACC
PV UFCF						63.77	41.46	33.27	26.70	21.43
SUM PV UFCF										186.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	14.93
Free cash flow (t + 1)	43.83
Terminal Value	338.96
Present Value of Terminal Value	169.04

Intrinsic Value

Enterprise Value	355.67
Net Debt	206.96
Equity Value	148.71
Shares Outstanding	46.81
Equity Value Per Share	3.18