Discounted Cash Flow (DCF) Analysis Unlevered

Clean Harbors, Inc. (CLH)

$111.74

+1.65 (+1.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.03 | 111.74 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,300.303,412.193,144.103,805.574,015.784,237.614,471.694,718.704,979.365,254.42
Revenue (%)
EBITDA 477.16531.86544.05645.51645.65681.31718.95758.66800.57844.79
EBITDA (%)
EBIT 178.53231.14251.13347.37294.14310.39327.54345.63364.72384.87
EBIT (%)
Depreciation 298.63300.73292.91298.14351.50370.92391.41413.03435.85459.92
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 279.36414.41570.96534.30415.43535.25564.81596.01628.94663.68
Total Cash (%)
Account Receivables 661.75701.06667.21887.701,005.49933.82985.411,039.841,097.281,157.89
Account Receivables (%)
Inventories 199.48214.74220.50250.69275.70278.02293.38309.58326.68344.73
Inventories (%)
Accounts Payable 276.46298.37195.88359.87409.22364.42384.55405.79428.20451.86
Accounts Payable (%)
Capital Expenditure -198.03-220.23-198.28-245.70-253.17-267.16-281.91-297.49-313.92-331.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 111.74
Beta 1.541
Diluted Shares Outstanding 55.69
Cost of Debt
Tax Rate 24.64
After-tax Cost of Debt 3.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.039
Total Debt 2,688.53
Total Equity 6,222.80
Total Capital 8,911.33
Debt Weighting 30.17
Equity Weighting 69.83
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,300.303,412.193,144.103,805.574,015.784,237.614,471.694,718.704,979.365,254.42
EBITDA 477.16531.86544.05645.51645.65681.31718.95758.66800.57844.79
EBIT 178.53231.14251.13347.37294.14310.39327.54345.63364.72384.87
Tax Rate 30.53%34.07%22.75%24.64%28.00%28.00%28.00%28.00%28.00%28.00%
EBIAT 124.03152.40194261.77211.79223.49235.83248.86262.61277.11
Depreciation 298.63300.73292.91298.14351.50370.92391.41413.03435.85459.92
Accounts Receivable --39.3233.85-220.48-117.7971.66-51.58-54.43-57.44-60.61
Inventories --15.27-5.75-30.19-25-2.32-15.36-16.21-17.10-18.05
Accounts Payable -21.91-102.50163.9949.35-44.8020.1321.2422.4223.65
Capital Expenditure -198.03-220.23-198.28-245.70-253.17-267.16-281.91-297.49-313.92-331.26
UFCF 224.62200.23214.22227.51216.68351.79298.52315.01332.41350.77
WACC
PV UFCF 216.68325.28255.22249.03242.98237.08
SUM PV UFCF 1,309.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.15
Free cash flow (t + 1) 357.79
Terminal Value 5,817.69
Present Value of Terminal Value 3,932.04

Intrinsic Value

Enterprise Value 5,241.63
Net Debt 2,343.90
Equity Value 2,897.73
Shares Outstanding 55.69
Equity Value Per Share 52.03