Discounted Cash Flow (DCF) Analysis Unlevered

FMC Corporation (FMC)

$117.495

+0.73 (+0.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 238.71 | 117.495 | undervalue

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 2,878.604,727.804,609.804,642.105,045.205,942.346,9998,243.569,709.4311,435.96
Revenue (%)
EBITDA 992.90893.60899.401,016.401,130.101,392.871,640.551,932.272,275.872,680.56
EBITDA (%)
EBIT 879.90725.40749.30853.70959.201,183.321,393.741,641.581,933.482,277.29
EBIT (%)
Depreciation 113168.20150.10162.70170.90209.55246.81290.69342.38403.27
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 283190.80339.10568.90516.80519.62612.01720.84849.021,000
Total Cash (%)
Account Receivables 2,1742,507.702,460.402,5282,809.903,471.404,088.684,815.735,672.066,680.67
Account Receivables (%)
Inventories 992.501,097.301,0171,095.601,405.701,559.431,836.722,163.332,548.013,001.10
Inventories (%)
Accounts Payable 714.20867.50900.10946.701,1351,254.731,477.851,740.642,050.162,414.72
Accounts Payable (%)
Capital Expenditure -85.70-205.10-141.90-114.40-100.10-176.39-207.76-244.70-288.21-339.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 117.495
Beta 0.875
Diluted Shares Outstanding 130.60
Cost of Debt
Tax Rate 17.60
After-tax Cost of Debt 3.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.005
Total Debt 3,336
Total Equity 15,344.85
Total Capital 18,680.85
Debt Weighting 17.86
Equity Weighting 82.14
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 2,878.604,727.804,609.804,642.105,045.205,942.346,9998,243.569,709.4311,435.96
EBITDA 992.90893.60899.401,016.401,130.101,392.871,640.551,932.272,275.872,680.56
EBIT 879.90725.40749.30853.70959.201,183.321,393.741,641.581,933.482,277.29
Tax Rate -196.35%32.49%27.11%24.43%17.60%-18.94%-18.94%-18.94%-18.94%-18.94%
EBIAT 2,607.58489.74546.13645.13790.391,407.491,657.771,952.552,299.762,708.70
Depreciation 113168.20150.10162.70170.90209.55246.81290.69342.38403.27
Accounts Receivable --333.7047.30-67.60-281.90-661.50-617.28-727.05-856.33-1,008.61
Inventories --104.8080.30-78.60-310.10-153.73-277.30-326.61-384.68-453.09
Accounts Payable -153.3032.6046.60188.30119.73223.12262.79309.52364.56
Capital Expenditure -85.70-205.10-141.90-114.40-100.10-176.39-207.76-244.70-288.21-339.47
UFCF 2,634.88167.64714.53593.83457.49745.151,025.351,207.681,422.431,675.37
WACC
PV UFCF 700.79906.911,004.581,112.781,232.63
SUM PV UFCF 4,957.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.33
Free cash flow (t + 1) 1,708.88
Terminal Value 39,465.94
Present Value of Terminal Value 29,036.44

Intrinsic Value

Enterprise Value 33,994.12
Net Debt 2,819.20
Equity Value 31,174.92
Shares Outstanding 130.60
Equity Value Per Share 238.71