Discounted Cash Flow (DCF) Analysis Unlevered

Carlisle Companies Incorporated (CSL)

$280.41

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 193.85 | 280.41 | 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 4,089.904,479.504,811.604,245.204,810.305,032.535,265.035,508.275,762.756,028.98
Revenue (%)
EBITDA 671.50953.70865.90698823.70898.52940.03983.451,028.891,076.42
EBITDA (%)
EBIT 502.40763.10660.50473.80597.50670.62701.60734.02767.93803.41
EBIT (%)
Depreciation 169.10190.60205.40224.20226.20227.89238.42249.44260.96273.02
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 379.60803.60351.20902.20324.40629.23658.30688.71720.53753.82
Total Cash (%)
Account Receivables 657.70698.30783697.20886.70833.38871.89912.17954.31998.39
Account Receivables (%)
Inventories 507.90457.50510.60503.50605.10580.58607.41635.47664.83695.54
Inventories (%)
Accounts Payable 352.40312.10327.30317.60432.40391.09409.16428.06447.84468.53
Accounts Payable (%)
Capital Expenditure -159.90-120.70-88.90-95.50-134.80-135.92-142.19-148.76-155.64-162.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 280.41
Beta 1.045
Diluted Shares Outstanding 53
Cost of Debt
Tax Rate 12.60
After-tax Cost of Debt 2.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.735
Total Debt 2,991.80
Total Equity 14,861.73
Total Capital 17,853.53
Debt Weighting 16.76
Equity Weighting 83.24
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 4,089.904,479.504,811.604,245.204,810.305,032.535,265.035,508.275,762.756,028.98
EBITDA 671.50953.70865.90698823.70898.52940.03983.451,028.891,076.42
EBIT 502.40763.10660.50473.80597.50670.62701.60734.02767.93803.41
Tax Rate 21.94%-37.05%20.58%20.23%12.60%7.66%7.66%7.66%7.66%7.66%
EBIAT 392.201,045.82524.58377.93522.21619.25647.86677.79709.11741.87
Depreciation 169.10190.60205.40224.20226.20227.89238.42249.44260.96273.02
Accounts Receivable --40.60-84.7085.80-189.5053.32-38.50-40.28-42.14-44.09
Inventories -50.40-53.107.10-101.6024.52-26.82-28.06-29.36-30.71
Accounts Payable --40.3015.20-9.70114.80-41.3118.0718.9019.7820.69
Capital Expenditure -159.90-120.70-88.90-95.50-134.80-135.92-142.19-148.76-155.64-162.83
UFCF 401.401,085.22518.48589.83437.31747.75696.83729.03762.71797.94
WACC
PV UFCF 694.55601.20584.22567.73551.70
SUM PV UFCF 2,999.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.66
Free cash flow (t + 1) 813.90
Terminal Value 14,379.89
Present Value of Terminal Value 9,942.23

Intrinsic Value

Enterprise Value 12,941.63
Net Debt 2,667.40
Equity Value 10,274.23
Shares Outstanding 53
Equity Value Per Share 193.85