Discounted Cash Flow (DCF) Analysis Unlevered

Gentherm Incorporated (THRM)

$60.42

+1.60 (+2.72%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.65 | 60.42 | 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 1,038.26971.68913.101,046.151,204.661,256.701,310.991,367.631,426.721,488.36
Revenue (%)
EBITDA 113.70108.16127.23155.3987.07146.02152.33158.91165.78172.94
EBITDA (%)
EBIT 63.0663.9186.12116.6142.6892.4296.41100.58104.93109.46
EBIT (%)
Depreciation 50.6444.2541.1138.7844.3953.6055.9258.3360.8563.48
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 39.6250.44268.35190.61153.89174.41181.94189.80198206.56
Total Cash (%)
Account Receivables 166.86186.73241.39206.70247.13256.36267.43278.99291.04303.62
Account Receivables (%)
Inventories 112.54118.48122.40159.48218.25175.43183.01190.92199.17207.77
Inventories (%)
Accounts Payable 93.1183.04116.04122.73182.23143.47149.66156.13162.88169.91
Accounts Payable (%)
Capital Expenditure -41.54-23.73-20.36-46.03-39.70-41.14-42.92-44.77-46.71-48.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 60.42
Beta 1.368
Diluted Shares Outstanding 33.50
Cost of Debt
Tax Rate 36.32
After-tax Cost of Debt 1.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.949
Total Debt 262.78
Total Equity 2,024.25
Total Capital 2,287.03
Debt Weighting 11.49
Equity Weighting 88.51
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 1,038.26971.68913.101,046.151,204.661,256.701,310.991,367.631,426.721,488.36
EBITDA 113.70108.16127.23155.3987.07146.02152.33158.91165.78172.94
EBIT 63.0663.9186.12116.6142.6892.4296.41100.58104.93109.46
Tax Rate 27.91%36.59%26.81%17.93%36.32%29.11%29.11%29.11%29.11%29.11%
EBIAT 45.4640.5363.0395.7027.1865.5168.3571.3074.3877.59
Depreciation 50.6444.2541.1138.7844.3953.6055.9258.3360.8563.48
Accounts Receivable --19.87-54.6634.69-40.43-9.23-11.08-11.55-12.05-12.57
Inventories --5.94-3.92-37.08-58.7742.82-7.58-7.91-8.25-8.60
Accounts Payable --10.0833.016.6859.50-38.766.206.476.757.04
Capital Expenditure -41.54-23.73-20.36-46.02-39.70-41.14-42.92-44.77-46.71-48.72
UFCF 54.5625.1558.2192.75-7.8472.8068.8971.8674.9778.21
WACC
PV UFCF 66.8458.0655.6053.2550.99
SUM PV UFCF 284.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.93
Free cash flow (t + 1) 79.77
Terminal Value 1,151.09
Present Value of Terminal Value 750.54

Intrinsic Value

Enterprise Value 1,035.27
Net Debt 108.89
Equity Value 926.38
Shares Outstanding 33.50
Equity Value Per Share 27.65