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	988.80	1,084.30	1,299.10	1,177.10	1,317.70	1,423.19	1,537.12	1,660.17	1,793.08	1,936.62
Revenue (%)
EBITDA	73.40	173.60	156.50	425.90	122.20	230.37	248.82	268.74	290.25	313.49
EBITDA (%)
EBIT	31.50	122.80	77.70	340.70	48.98	151.29	163.41	176.49	190.62	205.87
EBIT (%)
Depreciation	41.90	50.80	78.80	85.20	73.22	79.08	85.41	92.25	99.63	107.61
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	122.60	118.10	119	125.10	122.20	149.01	160.94	173.83	187.74	202.77
Total Cash (%)
Account Receivables	259.70	249.30	288.70	280.20	236.30	322.26	348.05	375.92	406.01	438.51
Account Receivables (%)
Inventories	208.90	233.10	219.40	248.40	321.50	298.91	322.84	348.68	376.60	406.75
Inventories (%)
Accounts Payable	113.90	125.50	125	140.10	146.98	158.75	171.46	185.18	200.01	216.02
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	988.80	1,084.30	1,299.10	1,177.10	1,317.70	1,423.19	1,537.12	1,660.17	1,793.08	1,936.62
EBITDA	73.40	173.60	156.50	425.90	122.20	230.37	248.82	268.74	290.25	313.49
EBIT	31.50	122.80	77.70	340.70	48.98	151.29	163.41	176.49	190.62	205.87
Tax Rate	-105.88%	-27.54%	12.12%	-261.62%	20.24%	-72.53%	-72.53%	-72.53%	-72.53%	-72.53%
EBIAT	64.85	156.61	68.28	1,232.04	39.07	261.03	281.93	304.50	328.88	355.21
Depreciation	41.90	50.80	78.80	85.20	73.22	79.08	85.41	92.25	99.63	107.61
Accounts Receivable	-	10.40	-39.40	8.50	43.90	-85.96	-25.80	-27.86	-30.09	-32.50
Inventories	-	-24.20	13.70	-29	-73.10	22.59	-23.93	-25.84	-27.91	-30.15
Accounts Payable	-	11.60	-0.50	15.10	6.88	11.77	12.71	13.73	14.82	16.01
Capital Expenditure	-35.20	-35.60	-36.20	-37.90	-52.70	-47.96	-51.80	-55.94	-60.42	-65.26
UFCF	71.55	169.61	84.68	1,273.94	37.27	240.56	278.53	300.82	324.91	350.92
WACC
PV UFCF						219.99	232.93	230.07	227.24	224.45
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