Discounted Cash Flow (DCF) Analysis Unlevered

PerkinElmer, Inc. (PKI)

$125.215

+1.45 (+1.17%)

All numbers are in Millions, Currency in USD

Stock DCF: 37.08 | 125.215 | overvalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	2,778	2,883.67	2,993.37	3,107.24	3,225.44	3,348.14	3,475.51	3,607.72	3,744.96	3,887.42	4,035.30
Revenue (%)
EBITDA	505.70	514.60	539.54	560.06	581.37	603.49	626.44	650.27	675.01	700.69	727.34
EBITDA (%)
EBIT	325.11	300.57	331.16	343.76	356.84	370.41	384.50	399.13	414.31	430.07	446.43
EBIT (%)
Depreciation	180.59	214.02	208.38	216.30	224.53	233.07	241.94	251.14	260.70	270.62	280.91
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Total Cash	163.11	191.88	187.47	194.60	202	209.68	217.66	225.94	234.54	243.46	252.72
Total Cash (%)
Account Receivables	632.67	725.18	717.24	744.53	772.85	802.25	832.77	864.45	897.33	931.47	966.90
Account Receivables (%)
Inventories	338.35	356.94	367.55	381.53	396.04	411.11	426.75	442.98	459.83	477.32	495.48
Inventories (%)
Accounts Payable	220.95	235.86	241.45	250.64	260.17	270.07	280.34	291.01	302.08	313.57	325.50
Accounts Payable (%)
Capital Expenditure	-93.25	-81.33	-92.45	-95.97	-99.62	-103.41	-107.35	-111.43	-115.67	-120.07	-124.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 125.215
Beta	1.096
Diluted Shares Outstanding	126.43
Cost of Debt
Tax Rate	12.68
After-tax Cost of Debt	1.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.761
Total Debt	4,564.24
Total Equity	15,830.43
Total Capital	20,394.68
Debt Weighting	22.38
Equity Weighting	77.62
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	2,778	2,883.67	2,993.37	3,107.24	3,225.44	3,348.14	3,475.51	3,607.72	3,744.96	3,887.42	4,035.30
EBITDA	505.70	514.60	539.54	560.06	581.37	603.49	626.44	650.27	675.01	700.69	727.34
EBIT	325.11	300.57	331.16	343.76	356.84	370.41	384.50	399.13	414.31	430.07	446.43
Tax Rate	7.67%	4.04%	14.08%	19.69%	26.31%	12.68%	14.08%	14.08%	14.08%	14.08%	14.08%
EBIAT	300.19	288.43	284.54	276.07	262.96	323.44	330.37	342.94	355.98	369.53	383.58
Depreciation	180.59	214.02	208.38	216.30	224.53	233.07	241.94	251.14	260.70	270.62	280.91
Accounts Receivable	-	-92.52	7.94	-27.28	-28.32	-29.40	-30.52	-31.68	-32.88	-34.14	-35.43
Inventories	-	-18.59	-10.61	-13.98	-14.51	-15.07	-15.64	-16.23	-16.85	-17.49	-18.16
Accounts Payable	-	14.91	5.60	9.19	9.53	9.90	10.27	10.66	11.07	11.49	11.93
Capital Expenditure	-93.25	-81.33	-92.45	-77.51	-99.89	-85.63	-107.35	-111.43	-115.67	-120.07	-124.64
UFCF	387.52	324.92	403.39	364.32	354.57	418.53	429.08	445.41	462.35	479.94	498.20
WACC
PV UFCF			463.49	390.52	354.57	390.46	373.45	361.65	350.23	339.17	328.45
SUM PV UFCF											1,878.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.19
Free cash flow (t + 1)	508.16
Terminal Value	9,791.12
Present Value of Terminal Value	6,919.28

Intrinsic Value

Enterprise Value	8,798.28
Net Debt	4,109.89
Equity Value	4,688.39
Shares Outstanding	126.43
Equity Value Per Share	37.08