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
Stock DCF: 1.32 | 21 | 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 659.81700.85668.21487.27470.25436.15404.52375.18347.98322.74
Revenue (%)
EBITDA 137.41141.39126.99-56.5063.2953.9750.0546.4243.0639.93
EBITDA (%)
EBIT 112.47118.30104.38-77.3744.7737.6734.9432.4130.0627.88
EBIT (%)
Depreciation 24.9423.0922.6120.8718.5216.2915.1114.011312.06
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 14.4013.1211.0913.8117.7010.749.969.248.577.95
Total Cash (%)
Account Receivables 140.61143.15138.1183.1996.8387.2980.9675.0969.6464.59
Account Receivables (%)
Inventories 33.3245.6650.1638.1545.4431.9029.5827.4425.4523.60
Inventories (%)
Accounts Payable 41.7041.1635.6123.0329.7324.9223.1121.4419.8818.44
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 44.01
After-tax Cost of Debt 2.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.016
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 659.81700.85668.21487.27470.25436.15404.52375.18347.98322.74
EBITDA 137.41141.39126.99-56.5063.2953.9750.0546.4243.0639.93
EBIT 112.47118.30104.38-77.3744.7737.6734.9432.4130.0627.88
Tax Rate 18.27%24.47%-24.38%-7.09%44.01%11.06%11.06%11.06%11.06%11.06%
EBIAT 91.9289.35129.83-82.8525.0733.5131.0828.8226.7324.80
Depreciation 24.9423.0922.6120.8718.5216.2915.1114.011312.06
Accounts Receivable --2.555.0454.91-13.649.546.335.875.455.05
Inventories --12.35-4.5012.01-7.2913.552.312.151.991.85
Accounts Payable --0.54-5.54-12.586.70-4.81-1.81-1.68-1.55-1.44
Capital Expenditure -19.15-22.93-22.45-11.88-13.54-12.96-12.02-11.14-10.34-9.59
UFCF 97.7174.07124.99-19.5215.8155.1341.0138.0335.2832.72
WACC
PV UFCF 48.4231.6425.772117.11
SUM PV UFCF 143.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.85
Free cash flow (t + 1) 33.37
Terminal Value 281.63
Present Value of Terminal Value 147.23

Intrinsic Value

Enterprise Value 291.17
Net Debt 232.56
Equity Value 58.61
Shares Outstanding 44.47
Equity Value Per Share 1.32