Discounted Cash Flow (DCF) Analysis Unlevered

Terex Corporation (TEX)

$44.605

-0.07 (-0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.53 | 44.605 | 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 4,363.405,1254,353.103,0763,886.803,881.113,875.423,869.743,864.073,858.41
Revenue (%)
EBITDA 314.70283.90229.70103.60368.90239.76239.40239.05238.70238.35
EBITDA (%)
EBIT 248.20224.20180.1053.90318.70187.47187.20186.92186.65186.38
EBIT (%)
Depreciation 66.5059.7049.6049.7050.2052.2852.2152.1352.0551.98
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 626.50368535.10665266.90483.72483.01482.30481.59480.89
Total Cash (%)
Account Receivables 579.90659.90401.90381.20507.70472.36471.67470.98470.29469.60
Account Receivables (%)
Inventories 969.601,212847.70610.40813.50823.70822.50821.29820.09818.89
Inventories (%)
Accounts Payable 592.40788.20508.10369.90537.70516.09515.33514.58513.83513.07
Accounts Payable (%)
Capital Expenditure -43.50-103.80-108.90-64.50-59.70-71.08-70.97-70.87-70.77-70.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 44.605
Beta 1.685
Diluted Shares Outstanding 70.10
Cost of Debt
Tax Rate 16.26
After-tax Cost of Debt 6.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.419
Total Debt 674.10
Total Equity 3,126.81
Total Capital 3,800.91
Debt Weighting 17.74
Equity Weighting 82.26
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 4,363.405,1254,353.103,0763,886.803,881.113,875.423,869.743,864.073,858.41
EBITDA 314.70283.90229.70103.60368.90239.76239.40239.05238.70238.35
EBIT 248.20224.20180.1053.90318.70187.47187.20186.92186.65186.38
Tax Rate -14.91%23.54%78.02%190.91%16.26%58.76%58.76%58.76%58.76%58.76%
EBIAT 285.21171.4339.59-49266.8777.3177.1977.0876.9776.85
Depreciation 66.5059.7049.6049.7050.2052.2852.2152.1352.0551.98
Accounts Receivable --8025820.70-126.5035.340.690.690.690.69
Inventories --242.40364.30237.30-203.10-10.201.211.201.201.20
Accounts Payable -195.80-280.10-138.20167.80-21.61-0.76-0.75-0.75-0.75
Capital Expenditure -43.50-103.80-108.90-64.50-59.70-71.08-70.97-70.87-70.77-70.66
UFCF 308.210.73322.495695.5762.0459.5759.4859.4059.31
WACC
PV UFCF 56.1348.7644.0539.8035.95
SUM PV UFCF 224.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.53
Free cash flow (t + 1) 60.49
Terminal Value 709.20
Present Value of Terminal Value 429.90

Intrinsic Value

Enterprise Value 654.59
Net Debt 407.20
Equity Value 247.39
Shares Outstanding 70.10
Equity Value Per Share 3.53