Discounted Cash Flow (DCF) Analysis Unlevered
Core Laboratories N.V. (CLB.AS)
21 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 659.81 | 700.85 | 668.21 | 487.27 | 470.25 | 436.15 | 404.52 | 375.18 | 347.98 | 322.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 137.41 | 141.39 | 126.99 | -56.50 | 63.29 | 53.97 | 50.05 | 46.42 | 43.06 | 39.93 |
| EBITDA (%) | ||||||||||
| EBIT | 112.47 | 118.30 | 104.38 | -77.37 | 44.77 | 37.67 | 34.94 | 32.41 | 30.06 | 27.88 |
| EBIT (%) | ||||||||||
| Depreciation | 24.94 | 23.09 | 22.61 | 20.87 | 18.52 | 16.29 | 15.11 | 14.01 | 13 | 12.06 |
| 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 | 14.40 | 13.12 | 11.09 | 13.81 | 17.70 | 10.74 | 9.96 | 9.24 | 8.57 | 7.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 140.61 | 143.15 | 138.11 | 83.19 | 96.83 | 87.29 | 80.96 | 75.09 | 69.64 | 64.59 |
| Account Receivables (%) | ||||||||||
| Inventories | 33.32 | 45.66 | 50.16 | 38.15 | 45.44 | 31.90 | 29.58 | 27.44 | 25.45 | 23.60 |
| Inventories (%) | ||||||||||
| Accounts Payable | 41.70 | 41.16 | 35.61 | 23.03 | 29.73 | 24.92 | 23.11 | 21.44 | 19.88 | 18.44 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -19.15 | -22.93 | -22.45 | -11.88 | -13.54 | -12.96 | -12.02 | -11.14 | -10.34 | -9.59 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21 |
|---|---|
| Beta | 2.636 |
| Diluted Shares Outstanding | 44.47 |
| Cost of Debt | |
| Tax Rate | 45.37 |
| After-tax Cost of Debt | 2.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.157 |
| Total Debt | 250.26 |
| Total Equity | 933.78 |
| Total Capital | 1,184.04 |
| Debt Weighting | 21.14 |
| Equity Weighting | 78.86 |
| 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 | 659.81 | 700.85 | 668.21 | 487.27 | 470.25 | 436.15 | 404.52 | 375.18 | 347.98 | 322.74 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 137.41 | 141.39 | 126.99 | -56.50 | 63.29 | 53.97 | 50.05 | 46.42 | 43.06 | 39.93 |
| EBIT | 112.47 | 118.30 | 104.38 | -77.37 | 44.77 | 37.67 | 34.94 | 32.41 | 30.06 | 27.88 |
| Tax Rate | 18.27% | 24.47% | -24.38% | -7.09% | 45.37% | 11.33% | 11.33% | 11.33% | 11.33% | 11.33% |
| EBIAT | 91.92 | 89.35 | 129.83 | -82.85 | 24.46 | 33.41 | 30.98 | 28.74 | 26.65 | 24.72 |
| Depreciation | 24.94 | 23.09 | 22.61 | 20.87 | 18.52 | 16.29 | 15.11 | 14.01 | 13 | 12.06 |
| Accounts Receivable | - | -2.55 | 5.04 | 54.91 | -13.64 | 9.54 | 6.33 | 5.87 | 5.45 | 5.05 |
| Inventories | - | -12.35 | -4.50 | 12.01 | -7.29 | 13.55 | 2.31 | 2.15 | 1.99 | 1.85 |
| Accounts Payable | - | -0.54 | -5.54 | -12.58 | 6.70 | -4.81 | -1.81 | -1.68 | -1.55 | -1.44 |
| Capital Expenditure | -19.15 | -22.93 | -22.45 | -11.88 | -13.54 | -12.96 | -12.02 | -11.14 | -10.34 | -9.59 |
| UFCF | 97.71 | 74.07 | 124.99 | -19.52 | 15.20 | 55.02 | 40.91 | 37.95 | 35.19 | 32.64 |
| WACC | ||||||||||
| PV UFCF | 48.63 | 31.95 | 26.19 | 21.46 | 17.59 | |||||
| SUM PV UFCF | 145.82 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 13.16 |
| Free cash flow (t + 1) | 33.30 |
| Terminal Value | 298.35 |
| Present Value of Terminal Value | 160.79 |
Intrinsic Value
| Enterprise Value | 306.61 |
|---|---|
| Net Debt | 232.56 |
| Equity Value | 74.05 |
| Shares Outstanding | 44.47 |
| Equity Value Per Share | 1.67 |