Discounted Cash Flow (DCF) Analysis Unlevered

IDEX Corporation (IEX)

$207.44

-0.11 (-0.05%)

All numbers are in Millions, Currency in USD

Stock DCF: 149.92 | 207.44 | overvalue

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	2,483.67	2,494.57	2,351.65	2,764.80	3,181.90	3,399.58	3,632.15	3,880.62	4,146.10	4,429.74
Revenue (%)
EBITDA	650.62	654.12	598.58	723.90	910	901.93	963.63	1,029.56	1,099.99	1,175.24
EBITDA (%)
EBIT	573.07	577.24	515.09	620.90	790.30	784.70	838.38	895.74	957.02	1,022.49
EBIT (%)
Depreciation	77.54	76.88	83.50	103	119.70	117.23	125.25	133.82	142.97	152.75
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	466.41	632.58	1,025.85	855.40	430.20	898.98	960.48	1,026.19	1,096.39	1,171.39
Total Cash (%)
Account Receivables	312.19	298.19	293.15	356.40	442.80	433.76	463.43	495.13	529.01	565.20
Account Receivables (%)
Inventories	279.99	293.47	289.91	370.40	470.90	432.17	461.73	493.32	527.07	563.13
Inventories (%)
Accounts Payable	143.20	138.46	151.99	178.80	208.90	209.49	223.82	239.14	255.50	272.98
Accounts Payable (%)
Capital Expenditure	-60.09	-50.91	-51.54	-72.70	-68	-77.64	-82.95	-88.62	-94.69	-101.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 207.44
Beta	0.993
Diluted Shares Outstanding	76
Cost of Debt
Tax Rate	21.68
After-tax Cost of Debt	2.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.399
Total Debt	1,586.90
Total Equity	15,765.44
Total Capital	17,352.34
Debt Weighting	9.15
Equity Weighting	90.85
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	2,483.67	2,494.57	2,351.65	2,764.80	3,181.90	3,399.58	3,632.15	3,880.62	4,146.10	4,429.74
EBITDA	650.62	654.12	598.58	723.90	910	901.93	963.63	1,029.56	1,099.99	1,175.24
EBIT	573.07	577.24	515.09	620.90	790.30	784.70	838.38	895.74	957.02	1,022.49
Tax Rate	22.38%	20.15%	19.68%	22.49%	21.68%	21.28%	21.28%	21.28%	21.28%	21.28%
EBIAT	444.83	460.93	413.72	481.26	618.93	617.74	660	705.16	753.40	804.94
Depreciation	77.54	76.88	83.50	103	119.70	117.23	125.25	133.82	142.97	152.75
Accounts Receivable	-	14.01	5.04	-63.25	-86.40	9.04	-29.67	-31.70	-33.87	-36.19
Inventories	-	-13.47	3.56	-80.49	-100.50	38.73	-29.57	-31.59	-33.75	-36.06
Accounts Payable	-	-4.73	13.53	26.81	30.10	0.59	14.33	15.31	16.36	17.48
Capital Expenditure	-60.09	-50.91	-51.55	-72.70	-68	-77.64	-82.95	-88.62	-94.69	-101.16
UFCF	462.29	482.69	467.80	394.62	513.83	705.70	657.40	702.37	750.42	801.76
WACC
PV UFCF						654.58	565.60	560.52	555.48	550.49
SUM PV UFCF										2,886.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.81
Free cash flow (t + 1)	817.79
Terminal Value	14,075.60
Present Value of Terminal Value	9,664.33

Intrinsic Value

Enterprise Value	12,550.99
Net Debt	1,156.70
Equity Value	11,394.29
Shares Outstanding	76
Equity Value Per Share	149.92