Discounted Cash Flow (DCF) Analysis Unlevered

3D Systems Corporation (DDD)

$10.215

+0.09 (+0.84%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.53 | 10.215 | 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 646.07687.66629.09557.24615.64610.99606.38601.80597.25592.74
Revenue (%)
EBITDA 4.5716.22-11.72-94.82356.0751.3550.9650.5850.2049.82
EBITDA (%)
EBIT -57.47-43.07-62.11-139.42321.442.642.622.602.582.56
EBIT (%)
Depreciation 62.0459.2950.4044.5934.6248.7148.3447.9847.6247.26
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 136.34110133.6675.01789.66244.49242.64240.81238.99237.18
Total Cash (%)
Account Receivables 179.88126.62109.41114.25106.54123.98123.04122.11121.19120.27
Account Receivables (%)
Inventories 103.90133.16111.11116.6792.89108.92108.10107.28106.47105.66
Inventories (%)
Accounts Payable 55.6166.7249.8545.1757.3753.3552.9552.5552.1551.76
Accounts Payable (%)
Capital Expenditure -32.04-41.66-23.99-13.64-18.79-24.84-24.66-24.47-24.29-24.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.215
Beta 1.488
Diluted Shares Outstanding 126.33
Cost of Debt
Tax Rate -0.79
After-tax Cost of Debt 0.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.541
Total Debt 502.62
Total Equity 1,290.50
Total Capital 1,793.12
Debt Weighting 28.03
Equity Weighting 71.97
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 646.07687.66629.09557.24615.64610.99606.38601.80597.25592.74
EBITDA 4.5716.22-11.72-94.82356.0751.3550.9650.5850.2049.82
EBIT -57.47-43.07-62.11-139.42321.442.642.622.602.582.56
Tax Rate -15.07%-5.27%-7.34%-4.31%-0.79%-6.56%-6.56%-6.56%-6.56%-6.56%
EBIAT -66.13-45.34-66.68-145.43323.972.812.792.772.752.73
Depreciation 62.0459.2950.4044.5934.6248.7148.3447.9847.6247.26
Accounts Receivable -53.2617.21-4.857.71-17.440.940.930.920.92
Inventories --29.2622.05-5.5623.78-16.030.820.820.810.80
Accounts Payable -11.12-16.87-4.6812.19-4.02-0.40-0.40-0.40-0.39
Capital Expenditure -32.04-41.66-23.98-13.64-18.79-24.84-24.66-24.47-24.29-24.10
UFCF -36.137.41-17.87-129.56383.49-10.8027.8427.6227.4227.21
WACC
PV UFCF -10.032422.1220.3818.79
SUM PV UFCF 75.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.69
Free cash flow (t + 1) 27.75
Terminal Value 487.76
Present Value of Terminal Value 336.77

Intrinsic Value

Enterprise Value 412.03
Net Debt -287.03
Equity Value 699.06
Shares Outstanding 126.33
Equity Value Per Share 5.53