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 | 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 | 659.81 | 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% | 44.01% | 11.06% | 11.06% | 11.06% | 11.06% | 11.06% |
EBIAT | 91.92 | 89.35 | 129.83 | -82.85 | 25.07 | 33.51 | 31.08 | 28.82 | 26.73 | 24.80 |
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 | 15.81 | 55.13 | 41.01 | 38.03 | 35.28 | 32.72 |
WACC | ||||||||||
PV UFCF | 48.42 | 31.64 | 25.77 | 21 | 17.11 | |||||
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 |