Discounted Cash Flow (DCF) Analysis Unlevered

Teleflex Incorporated (TFX)

$201.46

-2.51 (-1.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 198.23 | 201.46 | 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 2,146.302,448.382,595.362,537.162,809.563,010.253,225.273,455.643,702.483,966.94
Revenue (%)
EBITDA 519.99537633.72629.07854.05757.20811.28869.23931.32997.84
EBITDA (%)
EBIT 364.72327.02419.66401.82616.69507.57543.82582.66624.28668.88
EBIT (%)
Depreciation 155.26209.98214.06227.25237.36249.63267.46286.57307.03328.97
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 333.56357.16301.08375.88445.08435.80466.93500.28536.02574.30
Total Cash (%)
Account Receivables 345.87366.29418.67395.07383.57460.15493.02528.23565.96606.39
Account Receivables (%)
Inventories 395.74427.78476.56513.20477.64550.87590.22632.38677.55725.95
Inventories (%)
Accounts Payable 92.03106.71102.92102.52118.24125.59134.56144.17154.47165.50
Accounts Payable (%)
Capital Expenditure -70.90-80.79-102.69-90.69-71.62-100.45-107.62-115.31-123.54-132.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 201.46
Beta 1.100
Diluted Shares Outstanding 47.29
Cost of Debt
Tax Rate 13.24
After-tax Cost of Debt 2.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.995
Total Debt 1,966.13
Total Equity 9,526.44
Total Capital 11,492.57
Debt Weighting 17.11
Equity Weighting 82.89
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 2,146.302,448.382,595.362,537.162,809.563,010.253,225.273,455.643,702.483,966.94
EBITDA 519.99537633.72629.07854.05757.20811.28869.23931.32997.84
EBIT 364.72327.02419.66401.82616.69507.57543.82582.66624.28668.88
Tax Rate 46.46%8.57%-35.76%20.74%13.24%10.65%10.65%10.65%10.65%10.65%
EBIAT 195.26298.99569.74318.48535.02453.50485.90520.60557.79597.63
Depreciation 155.26209.98214.06227.25237.36249.63267.46286.57307.03328.97
Accounts Receivable --20.41-52.3923.6011.50-76.58-32.87-35.22-37.73-40.43
Inventories --32.03-48.78-36.6435.55-73.23-39.35-42.16-45.17-48.40
Accounts Payable -14.68-3.79-0.4015.727.358.979.6110.3011.03
Capital Expenditure -70.90-80.80-102.69-90.69-71.62-100.45-107.62-115.31-123.54-132.37
UFCF 279.62390.41576.15441.61763.53460.23582.49624.10668.68716.44
WACC
PV UFCF 426.57500.41496.95493.51490.09
SUM PV UFCF 2,407.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.89
Free cash flow (t + 1) 730.77
Terminal Value 12,406.95
Present Value of Terminal Value 8,487.10

Intrinsic Value

Enterprise Value 10,894.62
Net Debt 1,521.05
Equity Value 9,373.57
Shares Outstanding 47.29
Equity Value Per Share 198.23