Discounted Cash Flow (DCF) Analysis Unlevered

Chart Industries, Inc. (GTLS)

$202.61

-0.70 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.45 | 202.61 | 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 988.801,084.301,299.101,177.101,317.701,423.191,537.121,660.171,793.081,936.62
Revenue (%)
EBITDA 73.40173.60156.50425.90122.20230.37248.82268.74290.25313.49
EBITDA (%)
EBIT 31.50122.8077.70340.7048.98151.29163.41176.49190.62205.87
EBIT (%)
Depreciation 41.9050.8078.8085.2073.2279.0885.4192.2599.63107.61
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 122.60118.10119125.10122.20149.01160.94173.83187.74202.77
Total Cash (%)
Account Receivables 259.70249.30288.70280.20236.30322.26348.05375.92406.01438.51
Account Receivables (%)
Inventories 208.90233.10219.40248.40321.50298.91322.84348.68376.60406.75
Inventories (%)
Accounts Payable 113.90125.50125140.10146.98158.75171.46185.18200.01216.02
Accounts Payable (%)
Capital Expenditure -35.20-35.60-36.20-37.90-52.70-47.96-51.80-55.94-60.42-65.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 202.61
Beta 1.514
Diluted Shares Outstanding 36.45
Cost of Debt
Tax Rate 20.24
After-tax Cost of Debt 1.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.995
Total Debt 600.80
Total Equity 7,385.13
Total Capital 7,985.93
Debt Weighting 7.52
Equity Weighting 92.48
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 988.801,084.301,299.101,177.101,317.701,423.191,537.121,660.171,793.081,936.62
EBITDA 73.40173.60156.50425.90122.20230.37248.82268.74290.25313.49
EBIT 31.50122.8077.70340.7048.98151.29163.41176.49190.62205.87
Tax Rate -105.88%-27.54%12.12%-261.62%20.24%-72.53%-72.53%-72.53%-72.53%-72.53%
EBIAT 64.85156.6168.281,232.0439.07261.03281.93304.50328.88355.21
Depreciation 41.9050.8078.8085.2073.2279.0885.4192.2599.63107.61
Accounts Receivable -10.40-39.408.5043.90-85.96-25.80-27.86-30.09-32.50
Inventories --24.2013.70-29-73.1022.59-23.93-25.84-27.91-30.15
Accounts Payable -11.60-0.5015.106.8811.7712.7113.7314.8216.01
Capital Expenditure -35.20-35.60-36.20-37.90-52.70-47.96-51.80-55.94-60.42-65.26
UFCF 71.55169.6184.681,273.9437.27240.56278.53300.82324.91350.92
WACC
PV UFCF 219.99232.93230.07227.24224.45
SUM PV UFCF 1,134.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.35
Free cash flow (t + 1) 357.94
Terminal Value 4,869.87
Present Value of Terminal Value 3,114.75

Intrinsic Value

Enterprise Value 4,249.43
Net Debt 478.60
Equity Value 3,770.83
Shares Outstanding 36.45
Equity Value Per Share 103.45