Discounted Cash Flow (DCF) Analysis Unlevered

Nordson Corporation (NDSN)

$222.64

-0.59 (-0.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 123.45 | 222.64 | 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 2,066.982,254.672,194.232,121.102,362.212,447.452,535.762,627.272,722.072,820.30
Revenue (%)
EBITDA 547.75606.50588.49446.95703.55641.60664.75688.74713.59739.34
EBITDA (%)
EBIT 456.89498.09478.25333.65599.67524.28543.20562.80583.11604.15
EBIT (%)
Depreciation 90.85108.41110.24113.30103.88117.32121.55125.94130.48135.19
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 90.3895.68151.16208.29299.97186.12192.84199.80207.01214.48
Total Cash (%)
Account Receivables 505.09491.42530.76471.87489.39555.01575.04595.79617.28639.56
Account Receivables (%)
Inventories 264.27264.48283.40277.03327.20314.95326.32338.09350.29362.93
Inventories (%)
Accounts Payable 86.0283.5985.1470.9591.6992.8896.2399.71103.30107.03
Accounts Payable (%)
Capital Expenditure -71.56-89.79-64.24-50.53-38.30-70.37-72.91-75.54-78.27-81.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 222.64
Beta 0.933
Diluted Shares Outstanding 58.73
Cost of Debt
Tax Rate 20.87
After-tax Cost of Debt 2.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.196
Total Debt 951.55
Total Equity 13,076.54
Total Capital 14,028.08
Debt Weighting 6.78
Equity Weighting 93.22
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 2,066.982,254.672,194.232,121.102,362.212,447.452,535.762,627.272,722.072,820.30
EBITDA 547.75606.50588.49446.95703.55641.60664.75688.74713.59739.34
EBIT 456.89498.09478.25333.65599.67524.28543.20562.80583.11604.15
Tax Rate 29.62%15.86%21.81%17.23%20.87%21.08%21.08%21.08%21.08%21.08%
EBIAT 321.56419.09373.95276.16474.54413.78428.71444.18460.21476.81
Depreciation 90.85108.41110.24113.30103.88117.32121.55125.94130.48135.19
Accounts Receivable -13.66-39.3458.89-17.52-65.62-20.03-20.75-21.50-22.27
Inventories --0.21-18.926.37-50.1612.24-11.37-11.78-12.20-12.64
Accounts Payable --2.431.55-14.1920.741.193.353.473.603.73
Capital Expenditure -71.56-89.79-64.24-50.53-38.30-70.37-72.91-75.54-78.27-81.09
UFCF 340.86448.73363.24389.99493.18408.54449.31465.52482.32499.72
WACC
PV UFCF 379.05386.78371.81357.42343.59
SUM PV UFCF 1,838.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.78
Free cash flow (t + 1) 509.72
Terminal Value 8,818.67
Present Value of Terminal Value 6,063.34

Intrinsic Value

Enterprise Value 7,902
Net Debt 651.58
Equity Value 7,250.43
Shares Outstanding 58.73
Equity Value Per Share 123.45