Discounted Cash Flow (DCF) Analysis Unlevered

Gentherm Incorporated (THRM)

$72

+1.00 (+1.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 29.12 | 72 | 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 985.681,038.26971.68913.101,046.151,065.671,085.561,105.811,126.451,147.47
Revenue (%)
EBITDA 119.11113.70108.16127.23155.39134.18136.68139.23141.83144.47
EBITDA (%)
EBIT 74.1463.0663.9186.12116.6186.8588.4790.1391.8193.52
EBIT (%)
Depreciation 44.9750.6444.2541.1138.7847.3248.2049.1050.0250.95
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 103.1739.6250.44268.35190.61142.98145.64148.36151.13153.95
Total Cash (%)
Account Receivables 185.06166.86186.73241.39206.70213.68217.67221.73225.87230.08
Account Receivables (%)
Inventories 121.41112.54118.48122.40159.48136.40138.95141.54144.18146.87
Inventories (%)
Accounts Payable 89.6093.1183.04116.04122.73108.79110.82112.89115117.14
Accounts Payable (%)
Capital Expenditure -50.79-41.54-23.73-20.36-46.03-38.84-39.57-40.31-41.06-41.82
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 72
Beta 1.326
Diluted Shares Outstanding 33.03
Cost of Debt
Tax Rate 17.93
After-tax Cost of Debt 3.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.779
Total Debt 64.21
Total Equity 2,378.02
Total Capital 2,442.22
Debt Weighting 2.63
Equity Weighting 97.37
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 985.681,038.26971.68913.101,046.151,065.671,085.561,105.811,126.451,147.47
EBITDA 119.11113.70108.16127.23155.39134.18136.68139.23141.83144.47
EBIT 74.1463.0663.9186.12116.6186.8588.4790.1391.8193.52
Tax Rate 49.13%27.91%36.59%26.81%17.93%31.68%31.68%31.68%31.68%31.68%
EBIAT 37.7145.4640.5363.0395.7059.3460.4561.5862.7363.90
Depreciation 44.9750.6444.2541.1138.7847.3248.2049.1050.0250.95
Accounts Receivable -18.20-19.87-54.6634.68-6.98-3.99-4.06-4.14-4.21
Inventories -8.87-5.94-3.92-37.0823.07-2.55-2.59-2.64-2.69
Accounts Payable -3.52-10.0833.016.68-13.942.032.072.112.15
Capital Expenditure -50.78-41.54-23.73-20.36-46.02-38.84-39.57-40.31-41.06-41.82
UFCF 31.9085.1525.1558.2192.7569.9864.5865.7967.0268.27
WACC
PV UFCF 63.8453.7649.9646.4343.15
SUM PV UFCF 257.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.61
Free cash flow (t + 1) 69.63
Terminal Value 915.02
Present Value of Terminal Value 578.33

Intrinsic Value

Enterprise Value 835.47
Net Debt -126.40
Equity Value 961.86
Shares Outstanding 33.03
Equity Value Per Share 29.12