Discounted Cash Flow (DCF) Analysis Unlevered

TechnipFMC plc (FTI)

$6.64

-0.09 (-1.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.82 | 6.64 | 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 15,056.9012,552.9013,409.1013,050.606,4035,387.804,533.563,814.763,209.932,701
Revenue (%)
EBITDA 1,729.50-466.20-1,061.50-2,337.401,097-9.93-8.35-7.03-5.92-4.98
EBITDA (%)
EBIT 1,114.80-1,016.60-1,571.10-2,784.60806-228.02-191.86-161.44-135.85-114.31
EBIT (%)
Depreciation 614.70550.40509.60447.20291218.09183.51154.41129.93109.33
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 6,807.305,5405,281.904,872.601,6442,066.181,738.581,462.931,230.981,035.81
Total Cash (%)
Account Receivables 4,265.204,526.804,637.204,590.709111,598.831,345.341,132.03952.55801.52
Account Receivables (%)
Inventories 9871,251.201,4161,268.501,031570.07479.69403.63339.64285.79
Inventories (%)
Accounts Payable 3,958.702,600.302,659.802,740.301,2941,164.29979.69824.36693.66583.68
Accounts Payable (%)
Capital Expenditure -255.70-368.10-454.40-291.80-191-142.65-120.03-101-84.99-71.51
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.64
Beta 1.891
Diluted Shares Outstanding 450.70
Cost of Debt
Tax Rate 27.54
After-tax Cost of Debt 14.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.813
Total Debt 2,004
Total Equity 2,992.65
Total Capital 4,996.65
Debt Weighting 40.11
Equity Weighting 59.89
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 15,056.9012,552.9013,409.1013,050.606,4035,387.804,533.563,814.763,209.932,701
EBITDA 1,729.50-466.20-1,061.50-2,337.401,097-9.93-8.35-7.03-5.92-4.98
EBIT 1,114.80-1,016.60-1,571.10-2,784.60806-228.02-191.86-161.44-135.85-114.31
Tax Rate 83.33%-29.13%-13.08%-6.58%27.54%12.42%12.42%12.42%12.42%12.42%
EBIAT 185.83-1,312.75-1,776.63-2,967.95584-199.71-168.04-141.40-118.98-100.12
Depreciation 614.70550.40509.60447.20291218.09183.51154.41129.93109.33
Accounts Receivable --261.60-110.4046.503,679.70-687.83253.50213.30179.48151.03
Inventories --264.20-164.80147.50237.50460.9390.3976.056453.85
Accounts Payable --1,358.4059.5080.50-1,446.30-129.71-184.60-155.33-130.70-109.98
Capital Expenditure -255.70-368.10-454.40-291.80-191-142.65-120.03-101-84.99-71.51
UFCF 544.83-3,014.65-1,937.13-2,538.053,154.90-480.8954.7246.0438.7432.60
WACC
PV UFCF -425.8642.9131.9823.8317.76
SUM PV UFCF -309.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.92
Free cash flow (t + 1) 33.25
Terminal Value 304.49
Present Value of Terminal Value 165.85

Intrinsic Value

Enterprise Value -143.54
Net Debt 677
Equity Value -820.54
Shares Outstanding 450.70
Equity Value Per Share -1.82