Discounted Cash Flow (DCF) Analysis Unlevered

PerkinElmer, Inc. (PKI)

$115.24

-1.06 (-0.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 84.77 | 115.24 | 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 2,7782,883.673,782.745,067.173,311.823,595.773,904.074,238.804,602.224,996.81
Revenue (%)
EBITDA 503.55579.231,210.601,745.461,198.551,012.951,099.801,194.091,296.471,407.63
EBITDA (%)
EBIT 322.96365.21964.091,387.46771.55722.43784.37851.62924.631,003.91
EBIT (%)
Depreciation 180.59214.02246.51358427290.52315.43342.47371.84403.72
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 163.11191.88402.04618.32454.36352.93383.19416.04451.71490.44
Total Cash (%)
Account Receivables 632.67725.181,205.081,023.79612.78852.10925.161,004.481,090.601,184.11
Account Receivables (%)
Inventories 338.35356.94514.57624.71405.46451.14489.82531.82577.41626.92
Inventories (%)
Accounts Payable 220.95235.86327.33355.46272.83287.94312.63339.43368.53400.13
Accounts Payable (%)
Capital Expenditure -93.25-81.33-77.51-99.89-85.63-91.93-99.81-108.37-117.66-127.75
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 115.24
Beta 1.101
Diluted Shares Outstanding 126.43
Cost of Debt
Tax Rate 11.15
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.497
Total Debt 4,564.24
Total Equity 14,569.33
Total Capital 19,133.58
Debt Weighting 23.85
Equity Weighting 76.15
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 2,7782,883.673,782.745,067.173,311.823,595.773,904.074,238.804,602.224,996.81
EBITDA 503.55579.231,210.601,745.461,198.551,012.951,099.801,194.091,296.471,407.63
EBIT 322.96365.21964.091,387.46771.55722.43784.37851.62924.631,003.91
Tax Rate 7.67%4.04%19.69%27.17%11.15%13.94%13.94%13.94%13.94%13.94%
EBIAT 298.20350.45774.251,010.51685.54621.70675732.87795.71863.93
Depreciation 180.59214.02246.51358427290.52315.43342.47371.84403.72
Accounts Receivable --92.52-479.90181.29411.01-239.32-73.06-79.32-86.12-93.51
Inventories --18.59-157.63-110.15219.25-45.68-38.68-42-45.60-49.51
Accounts Payable -14.9191.4728.13-82.6315.1124.6926.8029.1031.60
Capital Expenditure -93.25-81.33-77.51-99.89-85.63-91.93-99.81-108.37-117.66-127.75
UFCF 385.53386.94397.191,367.901,574.54550.40803.57872.46947.271,028.49
WACC
PV UFCF 508.97687.15689.90692.67695.45
SUM PV UFCF 3,274.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.14
Free cash flow (t + 1) 1,049.06
Terminal Value 17,085.59
Present Value of Terminal Value 11,553.09

Intrinsic Value

Enterprise Value 14,827.24
Net Debt 4,109.89
Equity Value 10,717.35
Shares Outstanding 126.43
Equity Value Per Share 84.77