Discounted Cash Flow (DCF) Analysis Unlevered

Livent Corporation (LTHM)

$30.65

-0.06 (-0.20%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.39 | 30.65 | 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 347.40442.50388.40288.20420.40457.42497.70541.52589.20641.08
Revenue (%)
EBITDA 86170.9078.703.3078.7094.69103.03112.10121.97132.71
EBITDA (%)
EBIT 70.10153.1057.80-21.7053.6068.5074.5381.1088.2496.01
EBIT (%)
Depreciation 15.9017.8020.902525.1026.1928.493133.7336.70
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 1.2028.3016.8034.6011345.7049.7254.1058.8664.05
Total Cash (%)
Account Receivables 146.30141.40121.8076.3096.40141.65154.12167.69182.46198.52
Account Receivables (%)
Inventories 49.6071.80113.40105.60134.60117.43127.77139.02151.26164.58
Inventories (%)
Accounts Payable 59.707283.1043.9065.4078.3585.2592.75100.92109.81
Accounts Payable (%)
Capital Expenditure -48.90-73.60-184.30-75.09-109.53-119.17-129.67-141.08-153.51-167.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.65
Beta 1.876
Diluted Shares Outstanding 146.20
Cost of Debt
Tax Rate 97.49
After-tax Cost of Debt 0.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.657
Total Debt 240.40
Total Equity 4,481.03
Total Capital 4,721.43
Debt Weighting 5.09
Equity Weighting 94.91
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 347.40442.50388.40288.20420.40457.42497.70541.52589.20641.08
EBITDA 86170.9078.703.3078.7094.69103.03112.10121.97132.71
EBIT 70.10153.1057.80-21.7053.6068.5074.5381.1088.2496.01
Tax Rate 39.80%17.64%13.15%25.59%97.49%38.73%38.73%38.73%38.73%38.73%
EBIAT 42.20126.1050.20-16.151.3541.9745.6649.6954.0658.82
Depreciation 15.9017.8020.902525.1026.1928.493133.7336.70
Accounts Receivable -4.9019.6045.50-20.10-45.25-12.47-13.57-14.77-16.07
Inventories --22.20-41.607.80-2917.17-10.34-11.25-12.24-13.32
Accounts Payable -12.3011.10-39.2021.5012.956.907.518.178.89
Capital Expenditure -48.90-73.60-184.30-75.09-131.90-119.17-129.67-141.08-153.51-167.02
UFCF 9.2065.30-124.10-52.13-110.68-66.14-71.42-77.71-84.55-92
WACC
PV UFCF -59.04-56.91-55.27-53.68-52.13
SUM PV UFCF -277.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.03
Free cash flow (t + 1) -93.84
Terminal Value -935.57
Present Value of Terminal Value -530.16

Intrinsic Value

Enterprise Value -807.18
Net Debt 127.40
Equity Value -934.58
Shares Outstanding 146.20
Equity Value Per Share -6.39