Discounted Cash Flow (DCF) Analysis Unlevered

Phibro Animal Health Corporation (PAHC)

$12.88

+0.04 (+0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.31 | 12.88 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 828800.40833.40942.30977.891,0211,066.011,1131,162.071,213.29
Revenue (%)
EBITDA 83.4069.2074.9079108.4996.35100.60105.03109.66114.49
EBITDA (%)
EBIT 55.8436.8643.0146.3074.4859.3061.9164.6467.4970.47
EBIT (%)
Depreciation 27.5632.3431.8932.7134.0137.0538.6840.3942.1744.03
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 81.5791.3493.2191.2581.28103.01107.55112.29117.24122.41
Total Cash (%)
Account Receivables 159.02126.52146.85166.54163.48177.70185.54193.72202.26211.17
Account Receivables (%)
Inventories 198.32196.66216.31259.16277.57266.20277.94290.19302.98316.34
Inventories (%)
Accounts Payable 73.1966.0968.3695.6073.8587.8091.6795.7199.93104.33
Accounts Payable (%)
Capital Expenditure -29.89-34.04-29.32-37.04-51.79-42.08-43.94-45.88-47.90-50.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.88
Beta 0.700
Diluted Shares Outstanding 40.50
Cost of Debt
Tax Rate 39.70
After-tax Cost of Debt 2.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.589
Total Debt 509.97
Total Equity 521.69
Total Capital 1,031.66
Debt Weighting 49.43
Equity Weighting 50.57
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 828800.40833.40942.30977.891,0211,066.011,1131,162.071,213.29
EBITDA 83.4069.2074.9079108.4996.35100.60105.03109.66114.49
EBIT 55.8436.8643.0146.3074.4859.3061.9164.6467.4970.47
Tax Rate 23.50%39.46%18.20%31.98%39.70%30.57%30.57%30.57%30.57%30.57%
EBIAT 42.7222.3135.1931.4944.9141.1742.9944.8846.8648.93
Depreciation 27.5632.3431.8932.7134.0137.0538.6840.3942.1744.03
Accounts Receivable -32.50-20.33-19.683.06-14.23-7.83-8.18-8.54-8.92
Inventories -1.66-19.65-42.85-18.4111.37-11.74-12.25-12.79-13.36
Accounts Payable --7.102.2727.23-21.7413.953.874.044.224.41
Capital Expenditure -29.89-34.05-29.32-37.04-51.79-42.08-43.94-45.88-47.90-50.01
UFCF 40.3947.680.04-8.15-9.9747.2222.032324.0225.08
WACC
PV UFCF 44.9319.9419.8119.6819.55
SUM PV UFCF 123.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.11
Free cash flow (t + 1) 25.58
Terminal Value 822.46
Present Value of Terminal Value 641.06

Intrinsic Value

Enterprise Value 764.96
Net Debt 468.69
Equity Value 296.28
Shares Outstanding 40.50
Equity Value Per Share 7.31