Discounted Cash Flow (DCF) Analysis Unlevered
FMC Corporation (FMC)
$117.495
+0.73 (+0.62%)
All numbers are in Millions, Currency in USD
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 | 2,878.60 | 4,727.80 | 4,609.80 | 4,642.10 | 5,045.20 | 5,942.34 | 6,999 | 8,243.56 | 9,709.43 | 11,435.96 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 992.90 | 893.60 | 899.40 | 1,016.40 | 1,130.10 | 1,392.87 | 1,640.55 | 1,932.27 | 2,275.87 | 2,680.56 |
EBITDA (%) | ||||||||||
EBIT | 879.90 | 725.40 | 749.30 | 853.70 | 959.20 | 1,183.32 | 1,393.74 | 1,641.58 | 1,933.48 | 2,277.29 |
EBIT (%) | ||||||||||
Depreciation | 113 | 168.20 | 150.10 | 162.70 | 170.90 | 209.55 | 246.81 | 290.69 | 342.38 | 403.27 |
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 | 283 | 190.80 | 339.10 | 568.90 | 516.80 | 519.62 | 612.01 | 720.84 | 849.02 | 1,000 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 2,174 | 2,507.70 | 2,460.40 | 2,528 | 2,809.90 | 3,471.40 | 4,088.68 | 4,815.73 | 5,672.06 | 6,680.67 |
Account Receivables (%) | ||||||||||
Inventories | 992.50 | 1,097.30 | 1,017 | 1,095.60 | 1,405.70 | 1,559.43 | 1,836.72 | 2,163.33 | 2,548.01 | 3,001.10 |
Inventories (%) | ||||||||||
Accounts Payable | 714.20 | 867.50 | 900.10 | 946.70 | 1,135 | 1,254.73 | 1,477.85 | 1,740.64 | 2,050.16 | 2,414.72 |
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 | 2,878.60 | 4,727.80 | 4,609.80 | 4,642.10 | 5,045.20 | 5,942.34 | 6,999 | 8,243.56 | 9,709.43 | 11,435.96 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 992.90 | 893.60 | 899.40 | 1,016.40 | 1,130.10 | 1,392.87 | 1,640.55 | 1,932.27 | 2,275.87 | 2,680.56 |
EBIT | 879.90 | 725.40 | 749.30 | 853.70 | 959.20 | 1,183.32 | 1,393.74 | 1,641.58 | 1,933.48 | 2,277.29 |
Tax Rate | -196.35% | 32.49% | 27.11% | 24.43% | 17.60% | -18.94% | -18.94% | -18.94% | -18.94% | -18.94% |
EBIAT | 2,607.58 | 489.74 | 546.13 | 645.13 | 790.39 | 1,407.49 | 1,657.77 | 1,952.55 | 2,299.76 | 2,708.70 |
Depreciation | 113 | 168.20 | 150.10 | 162.70 | 170.90 | 209.55 | 246.81 | 290.69 | 342.38 | 403.27 |
Accounts Receivable | - | -333.70 | 47.30 | -67.60 | -281.90 | -661.50 | -617.28 | -727.05 | -856.33 | -1,008.61 |
Inventories | - | -104.80 | 80.30 | -78.60 | -310.10 | -153.73 | -277.30 | -326.61 | -384.68 | -453.09 |
Accounts Payable | - | 153.30 | 32.60 | 46.60 | 188.30 | 119.73 | 223.12 | 262.79 | 309.52 | 364.56 |
Capital Expenditure | -85.70 | -205.10 | -141.90 | -114.40 | -100.10 | -176.39 | -207.76 | -244.70 | -288.21 | -339.47 |
UFCF | 2,634.88 | 167.64 | 714.53 | 593.83 | 457.49 | 745.15 | 1,025.35 | 1,207.68 | 1,422.43 | 1,675.37 |
WACC | ||||||||||
PV UFCF | 700.79 | 906.91 | 1,004.58 | 1,112.78 | 1,232.63 | |||||
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 |