Discounted Cash Flow (DCF) Analysis Unlevered

FMC Corporation (FMC)

$64.85

-0.30 (-0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 104.43 | 64.85 | undervalue

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 4,285.304,609.804,642.105,045.205,802.306,265.956,766.647,307.357,891.268,521.83
Revenue (%)
EBITDA 802.70984.501,013.201,132.901,228.801,322.711,428.401,542.541,665.801,798.91
EBITDA (%)
EBIT 634.50834.40850.509621,059.401,109.751,198.431,294.201,397.611,509.29
EBIT (%)
Depreciation 168.20150.10162.70170.90169.40212.95229.97248.35268.19289.62
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 190.80339.10568.90516.80572553.47597.70645.46697.04752.74
Total Cash (%)
Account Receivables 2,507.702,231.202,330.302,583.702,871.403,230.943,489.123,767.924,069.014,394.15
Account Receivables (%)
Inventories 1,097.301,0171,095.601,405.701,651.601,599.021,726.791,864.782,013.792,174.70
Inventories (%)
Accounts Payable 867.50900.10946.701,1351,252.201,306.341,410.721,523.451,645.181,776.65
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 4,285.304,609.804,642.105,045.205,802.306,265.956,766.647,307.357,891.268,521.83
EBITDA 802.70984.501,013.201,132.901,228.801,322.711,428.401,542.541,665.801,798.91
EBIT 634.50834.40850.509621,059.401,109.751,198.431,294.201,397.611,509.29
Tax Rate 17.47%27.11%24.43%17.60%25.14%22.35%22.35%22.35%22.35%22.35%
EBIAT 523.64608.16642.71792.70793.02861.70930.551,004.911,085.211,171.93
Depreciation 168.20150.10162.70170.90169.40212.95229.97248.35268.19289.62
Accounts Receivable -276.50-99.10-253.40-287.70-359.54-258.18-278.81-301.09-325.14
Inventories -80.30-78.60-310.10-245.9052.58-127.77-137.98-149.01-160.92
Accounts Payable -32.6046.60188.30117.2054.14104.39112.73121.74131.46
Capital Expenditure -156.60-93.90-67.20-100.10-142.30-145.06-156.65-169.17-182.69-197.29
UFCF 535.241,053.76607.11488.30403.72676.77722.31780.02842.35909.66
WACC
PV UFCF 631.61629.12634.06639.04644.05
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