Discounted Cash Flow (DCF) Analysis Unlevered
Gentex Corporation (GNTX)
$27.28
+0.88 (+3.33%)
All numbers are in Millions, Currency in USD
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 | 1,834.06 | 1,858.90 | 1,688.19 | 1,731.17 | 1,918.96 | 1,945.65 | 1,972.72 | 2,000.16 | 2,027.98 | 2,056.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 624.23 | 605.12 | 516.55 | 515.46 | 466.29 | 588.60 | 596.79 | 605.09 | 613.51 | 622.04 |
| EBITDA (%) | ||||||||||
| EBIT | 522.05 | 500.42 | 411.81 | 416.35 | 369.72 | 479 | 485.66 | 492.42 | 499.27 | 506.21 |
| EBIT (%) | ||||||||||
| Depreciation | 102.19 | 104.70 | 104.74 | 99.11 | 96.57 | 109.60 | 111.13 | 112.67 | 114.24 | 115.83 |
| 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 | 386.44 | 436.71 | 450.54 | 267.74 | 237.76 | 385.65 | 391.02 | 396.46 | 401.97 | 407.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 213.54 | 235.41 | 284.93 | 249.79 | 276.49 | 272.48 | 276.27 | 280.11 | 284.01 | 287.96 |
| Account Receivables (%) | ||||||||||
| Inventories | 225.28 | 248.94 | 226.29 | 316.27 | 404.36 | 305.16 | 309.40 | 313.71 | 318.07 | 322.49 |
| Inventories (%) | ||||||||||
| Accounts Payable | 92.81 | 97.55 | 84.78 | 98.34 | 151.74 | 112.53 | 114.10 | 115.68 | 117.29 | 118.92 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -85.99 | -84.58 | -51.71 | -68.84 | -146.43 | -93.04 | -94.33 | -95.64 | -96.97 | -98.32 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 27.28 |
|---|---|
| Beta | 0.910 |
| 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 | 7.986 |
| Total Debt | - |
| Total Equity | 6,561.18 |
| 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 | 1,834.06 | 1,858.90 | 1,688.19 | 1,731.17 | 1,918.96 | 1,945.65 | 1,972.72 | 2,000.16 | 2,027.98 | 2,056.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 624.23 | 605.12 | 516.55 | 515.46 | 466.29 | 588.60 | 596.79 | 605.09 | 613.51 | 622.04 |
| EBIT | 522.05 | 500.42 | 411.81 | 416.35 | 369.72 | 479 | 485.66 | 492.42 | 499.27 | 506.21 |
| Tax Rate | 16.12% | 15.13% | 15.60% | 13.34% | 13.78% | 14.80% | 14.80% | 14.80% | 14.80% | 14.80% |
| EBIAT | 437.88 | 424.68 | 347.56 | 360.80 | 318.76 | 408.12 | 413.80 | 419.56 | 425.39 | 431.31 |
| Depreciation | 102.19 | 104.70 | 104.74 | 99.11 | 96.57 | 109.60 | 111.13 | 112.67 | 114.24 | 115.83 |
| Accounts Receivable | - | -21.87 | -49.52 | 35.13 | -26.70 | 4.02 | -3.79 | -3.84 | -3.90 | -3.95 |
| Inventories | - | -23.66 | 22.65 | -89.98 | -88.09 | 99.20 | -4.24 | -4.30 | -4.36 | -4.42 |
| Accounts Payable | - | 4.74 | -12.77 | 13.56 | 53.40 | -39.21 | 1.57 | 1.59 | 1.61 | 1.63 |
| Capital Expenditure | -85.99 | -84.58 | -51.71 | -68.84 | -146.43 | -93.04 | -94.33 | -95.64 | -96.97 | -98.32 |
| UFCF | 454.08 | 404.02 | 360.96 | 349.79 | 207.50 | 488.70 | 424.13 | 430.03 | 436.01 | 442.07 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 450.91 |
| 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 | - |