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	3,300.30	3,412.19	3,144.10	3,805.57	4,015.78	4,237.61	4,471.69	4,718.70	4,979.36	5,254.42
Revenue (%)
EBITDA	477.16	531.86	544.05	645.51	645.65	681.31	718.95	758.66	800.57	844.79
EBITDA (%)
EBIT	178.53	231.14	251.13	347.37	294.14	310.39	327.54	345.63	364.72	384.87
EBIT (%)
Depreciation	298.63	300.73	292.91	298.14	351.50	370.92	391.41	413.03	435.85	459.92
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	279.36	414.41	570.96	534.30	415.43	535.25	564.81	596.01	628.94	663.68
Total Cash (%)
Account Receivables	661.75	701.06	667.21	887.70	1,005.49	933.82	985.41	1,039.84	1,097.28	1,157.89
Account Receivables (%)
Inventories	199.48	214.74	220.50	250.69	275.70	278.02	293.38	309.58	326.68	344.73
Inventories (%)
Accounts Payable	276.46	298.37	195.88	359.87	409.22	364.42	384.55	405.79	428.20	451.86
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	3,300.30	3,412.19	3,144.10	3,805.57	4,015.78	4,237.61	4,471.69	4,718.70	4,979.36	5,254.42
EBITDA	477.16	531.86	544.05	645.51	645.65	681.31	718.95	758.66	800.57	844.79
EBIT	178.53	231.14	251.13	347.37	294.14	310.39	327.54	345.63	364.72	384.87
Tax Rate	30.53%	34.07%	22.75%	24.64%	28.00%	28.00%	28.00%	28.00%	28.00%	28.00%
EBIAT	124.03	152.40	194	261.77	211.79	223.49	235.83	248.86	262.61	277.11
Depreciation	298.63	300.73	292.91	298.14	351.50	370.92	391.41	413.03	435.85	459.92
Accounts Receivable	-	-39.32	33.85	-220.48	-117.79	71.66	-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	-102.50	163.99	49.35	-44.80	20.13	21.24	22.42	23.65
Capital Expenditure	-198.03	-220.23	-198.28	-245.70	-253.17	-267.16	-281.91	-297.49	-313.92	-331.26
UFCF	224.62	200.23	214.22	227.51	216.68	351.79	298.52	315.01	332.41	350.77
WACC
PV UFCF					216.68	325.28	255.22	249.03	242.98	237.08
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