Discounted Cash Flow (DCF) Analysis Unlevered

Gentex Corporation (GNTX)

$26.78

+0.17 (+0.64%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 26.78 | 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 1,834.061,858.901,688.191,731.171,918.961,945.651,972.722,000.162,027.982,056.19
Revenue (%)
EBITDA 624.23605.12516.55515.46369.82569.04576.95584.98593.12601.37
EBITDA (%)
EBIT 522.05500.42411.81416.35273.25459.44465.83472.31478.88485.54
EBIT (%)
Depreciation 102.19104.70104.7499.1196.57109.60111.13112.67114.24115.83
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 386.44436.71450.54267.74237.76385.65391.02396.46401.97407.56
Total Cash (%)
Account Receivables 213.54235.41284.93249.79276.49272.48276.27280.11284.01287.96
Account Receivables (%)
Inventories 225.28248.94226.29316.27404.36305.16309.40313.71318.07322.49
Inventories (%)
Accounts Payable 92.8197.5584.7898.34151.74112.53114.10115.68117.29118.92
Accounts Payable (%)
Capital Expenditure -85.99-84.58-51.71-68.84-78.09-79.18-80.28-81.39-82.53-83.67
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.78
Beta 0.911
Diluted Shares Outstanding 240.51
Cost of Debt
Tax Rate 13.78
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.678
Total Debt -
Total Equity 6,440.93
Total Capital -
Debt Weighting -
Equity Weighting -
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 1,834.061,858.901,688.191,731.171,918.961,945.651,972.722,000.162,027.982,056.19
EBITDA 624.23605.12516.55515.46369.82569.04576.95584.98593.12601.37
EBIT 522.05500.42411.81416.35273.25459.44465.83472.31478.88485.54
Tax Rate 16.12%15.13%15.60%13.34%13.78%14.80%14.80%14.80%14.80%14.80%
EBIAT 437.88424.68347.56360.80235.58391.45396.90402.42408.02413.69
Depreciation 102.19104.70104.7499.1196.57109.60111.13112.67114.24115.83
Accounts Receivable --21.87-49.5235.13-26.704.02-3.79-3.84-3.90-3.95
Inventories --23.6622.65-89.98-88.0999.20-4.24-4.30-4.36-4.42
Accounts Payable -4.74-12.7713.5653.40-39.211.571.591.611.63
Capital Expenditure -85.99-84.58-51.71-68.84-78.09-79.18-80.28-81.39-82.53-83.67
UFCF 454.08404.02360.96349.79192.67485.89421.28427.14433.08439.10
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 447.89
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -214.75
Equity Value -
Shares Outstanding 240.51
Equity Value Per Share -