Discounted Cash Flow (DCF) Analysis Unlevered
FMC Corporation (FMC)
$64.85
-0.30 (-0.46%)
All numbers are in Millions, Currency in USD
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 | 4,285.30 | 4,609.80 | 4,642.10 | 5,045.20 | 5,802.30 | 6,265.95 | 6,766.64 | 7,307.35 | 7,891.26 | 8,521.83 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 802.70 | 984.50 | 1,013.20 | 1,132.90 | 1,228.80 | 1,322.71 | 1,428.40 | 1,542.54 | 1,665.80 | 1,798.91 |
EBITDA (%) | ||||||||||
EBIT | 634.50 | 834.40 | 850.50 | 962 | 1,059.40 | 1,109.75 | 1,198.43 | 1,294.20 | 1,397.61 | 1,509.29 |
EBIT (%) | ||||||||||
Depreciation | 168.20 | 150.10 | 162.70 | 170.90 | 169.40 | 212.95 | 229.97 | 248.35 | 268.19 | 289.62 |
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 | 190.80 | 339.10 | 568.90 | 516.80 | 572 | 553.47 | 597.70 | 645.46 | 697.04 | 752.74 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,507.70 | 2,231.20 | 2,330.30 | 2,583.70 | 2,871.40 | 3,230.94 | 3,489.12 | 3,767.92 | 4,069.01 | 4,394.15 |
Account Receivables (%) | ||||||||||
Inventories | 1,097.30 | 1,017 | 1,095.60 | 1,405.70 | 1,651.60 | 1,599.02 | 1,726.79 | 1,864.78 | 2,013.79 | 2,174.70 |
Inventories (%) | ||||||||||
Accounts Payable | 867.50 | 900.10 | 946.70 | 1,135 | 1,252.20 | 1,306.34 | 1,410.72 | 1,523.45 | 1,645.18 | 1,776.65 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -156.60 | -93.90 | -67.20 | -100.10 | -142.30 | -145.06 | -156.65 | -169.17 | -182.69 | -197.29 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 64.85 |
---|---|
Beta | 0.823 |
Diluted Shares Outstanding | 126.71 |
Cost of Debt | |
Tax Rate | 25.14 |
After-tax Cost of Debt | 3.47% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.621 |
Total Debt | 3,274 |
Total Equity | 8,216.95 |
Total Capital | 11,490.95 |
Debt Weighting | 28.49 |
Equity Weighting | 71.51 |
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 | 4,285.30 | 4,609.80 | 4,642.10 | 5,045.20 | 5,802.30 | 6,265.95 | 6,766.64 | 7,307.35 | 7,891.26 | 8,521.83 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 802.70 | 984.50 | 1,013.20 | 1,132.90 | 1,228.80 | 1,322.71 | 1,428.40 | 1,542.54 | 1,665.80 | 1,798.91 |
EBIT | 634.50 | 834.40 | 850.50 | 962 | 1,059.40 | 1,109.75 | 1,198.43 | 1,294.20 | 1,397.61 | 1,509.29 |
Tax Rate | 17.47% | 27.11% | 24.43% | 17.60% | 25.14% | 22.35% | 22.35% | 22.35% | 22.35% | 22.35% |
EBIAT | 523.64 | 608.16 | 642.71 | 792.70 | 793.02 | 861.70 | 930.55 | 1,004.91 | 1,085.21 | 1,171.93 |
Depreciation | 168.20 | 150.10 | 162.70 | 170.90 | 169.40 | 212.95 | 229.97 | 248.35 | 268.19 | 289.62 |
Accounts Receivable | - | 276.50 | -99.10 | -253.40 | -287.70 | -359.54 | -258.18 | -278.81 | -301.09 | -325.14 |
Inventories | - | 80.30 | -78.60 | -310.10 | -245.90 | 52.58 | -127.77 | -137.98 | -149.01 | -160.92 |
Accounts Payable | - | 32.60 | 46.60 | 188.30 | 117.20 | 54.14 | 104.39 | 112.73 | 121.74 | 131.46 |
Capital Expenditure | -156.60 | -93.90 | -67.20 | -100.10 | -142.30 | -145.06 | -156.65 | -169.17 | -182.69 | -197.29 |
UFCF | 535.24 | 1,053.76 | 607.11 | 488.30 | 403.72 | 676.77 | 722.31 | 780.02 | 842.35 | 909.66 |
WACC | ||||||||||
PV UFCF | 631.61 | 629.12 | 634.06 | 639.04 | 644.05 | |||||
SUM PV UFCF | 3,177.88 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.15 |
Free cash flow (t + 1) | 927.86 |
Terminal Value | 18,016.64 |
Present Value of Terminal Value | 12,755.95 |
Intrinsic Value
Enterprise Value | 15,933.83 |
---|---|
Net Debt | 2,702 |
Equity Value | 13,231.83 |
Shares Outstanding | 126.71 |
Equity Value Per Share | 104.43 |