Discounted Cash Flow (DCF) Analysis Unlevered

CRH plc (CRH)

$77.35

-0.23 (-0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 52.54 | 77.35 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 30,645.1628,148.8027,58730,98132,72333,359.7834,008.9534,670.7535,345.4336,033.24
Revenue (%)
EBITDA 3,840.084,546.783,7385,4175,6765,141.665,241.725,343.725,447.715,553.72
EBITDA (%)
EBIT 2,545.182,757.862,0443,6523,9193,287.693,351.663,416.893,483.383,551.16
EBIT (%)
Depreciation 1,294.901,788.911,6941,7651,7571,853.981,890.051,926.831,964.332,002.55
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 2,683.604,206.257,7215,7835,9365,904.296,019.186,136.326,255.736,377.46
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3,501.493,071.513,1173,6114,1943,876.983,952.424,029.344,107.754,187.68
Inventories (%)
Accounts Payable 5,272.254,901.874,7925,6925,8725,891.736,006.386,123.276,242.426,363.90
Accounts Payable (%)
Capital Expenditure -1,282.32-1,376.69-996-1,554-1,523-1,491.57-1,520.59-1,550.18-1,580.35-1,611.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 77.35
Beta 1.328
Diluted Shares Outstanding 764.10
Cost of Debt
Tax Rate 22.63
After-tax Cost of Debt 3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.571
Total Debt 10,955
Total Equity 59,103.13
Total Capital 70,058.13
Debt Weighting 15.64
Equity Weighting 84.36
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 30,645.1628,148.8027,58730,98132,72333,359.7834,008.9534,670.7535,345.4336,033.24
EBITDA 3,840.084,546.783,7385,4175,6765,141.665,241.725,343.725,447.715,553.72
EBIT 2,545.182,757.862,0443,6523,9193,287.693,351.663,416.893,483.383,551.16
Tax Rate -35.18%8.79%32.57%23.25%22.63%10.41%10.41%10.41%10.41%10.41%
EBIAT 3,440.512,515.331,378.232,802.933,032.172,945.323,002.643,061.073,120.643,181.36
Depreciation 1,294.901,788.911,6941,7651,7571,853.981,890.051,926.831,964.332,002.55
Accounts Receivable ----------
Inventories -429.98-45.49-494-583317.02-75.44-76.91-78.41-79.94
Accounts Payable --370.38-109.8790018019.73114.65116.88119.16121.48
Capital Expenditure -1,282.32-1,376.69-996-1,554-1,523-1,491.57-1,520.59-1,550.18-1,580.35-1,611.10
UFCF 3,453.092,987.151,920.873,419.932,863.173,644.483,411.313,477.693,545.363,614.35
WACC
PV UFCF 3,330.122,848.192,653.152,471.482,302.24
SUM PV UFCF 13,605.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.44
Free cash flow (t + 1) 3,686.64
Terminal Value 49,551.64
Present Value of Terminal Value 31,562.95

Intrinsic Value

Enterprise Value 45,168.13
Net Debt 5,019
Equity Value 40,149.13
Shares Outstanding 764.10
Equity Value Per Share 52.54