Discounted Cash Flow (DCF) Analysis Unlevered
Gentherm Incorporated (THRM)
$72
+1.00 (+1.41%)
All numbers are in Millions, Currency in USD
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 | 985.68 | 1,038.26 | 971.68 | 913.10 | 1,046.15 | 1,065.67 | 1,085.56 | 1,105.81 | 1,126.45 | 1,147.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 119.11 | 113.70 | 108.16 | 127.23 | 155.39 | 134.18 | 136.68 | 139.23 | 141.83 | 144.47 |
| EBITDA (%) | ||||||||||
| EBIT | 74.14 | 63.06 | 63.91 | 86.12 | 116.61 | 86.85 | 88.47 | 90.13 | 91.81 | 93.52 |
| EBIT (%) | ||||||||||
| Depreciation | 44.97 | 50.64 | 44.25 | 41.11 | 38.78 | 47.32 | 48.20 | 49.10 | 50.02 | 50.95 |
| 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 | 103.17 | 39.62 | 50.44 | 268.35 | 190.61 | 142.98 | 145.64 | 148.36 | 151.13 | 153.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 185.06 | 166.86 | 186.73 | 241.39 | 206.70 | 213.68 | 217.67 | 221.73 | 225.87 | 230.08 |
| Account Receivables (%) | ||||||||||
| Inventories | 121.41 | 112.54 | 118.48 | 122.40 | 159.48 | 136.40 | 138.95 | 141.54 | 144.18 | 146.87 |
| Inventories (%) | ||||||||||
| Accounts Payable | 89.60 | 93.11 | 83.04 | 116.04 | 122.73 | 108.79 | 110.82 | 112.89 | 115 | 117.14 |
| 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 | 985.68 | 1,038.26 | 971.68 | 913.10 | 1,046.15 | 1,065.67 | 1,085.56 | 1,105.81 | 1,126.45 | 1,147.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 119.11 | 113.70 | 108.16 | 127.23 | 155.39 | 134.18 | 136.68 | 139.23 | 141.83 | 144.47 |
| EBIT | 74.14 | 63.06 | 63.91 | 86.12 | 116.61 | 86.85 | 88.47 | 90.13 | 91.81 | 93.52 |
| Tax Rate | 49.13% | 27.91% | 36.59% | 26.81% | 17.93% | 31.68% | 31.68% | 31.68% | 31.68% | 31.68% |
| EBIAT | 37.71 | 45.46 | 40.53 | 63.03 | 95.70 | 59.34 | 60.45 | 61.58 | 62.73 | 63.90 |
| Depreciation | 44.97 | 50.64 | 44.25 | 41.11 | 38.78 | 47.32 | 48.20 | 49.10 | 50.02 | 50.95 |
| Accounts Receivable | - | 18.20 | -19.87 | -54.66 | 34.68 | -6.98 | -3.99 | -4.06 | -4.14 | -4.21 |
| Inventories | - | 8.87 | -5.94 | -3.92 | -37.08 | 23.07 | -2.55 | -2.59 | -2.64 | -2.69 |
| Accounts Payable | - | 3.52 | -10.08 | 33.01 | 6.68 | -13.94 | 2.03 | 2.07 | 2.11 | 2.15 |
| Capital Expenditure | -50.78 | -41.54 | -23.73 | -20.36 | -46.02 | -38.84 | -39.57 | -40.31 | -41.06 | -41.82 |
| UFCF | 31.90 | 85.15 | 25.15 | 58.21 | 92.75 | 69.98 | 64.58 | 65.79 | 67.02 | 68.27 |
| WACC | ||||||||||
| PV UFCF | 63.84 | 53.76 | 49.96 | 46.43 | 43.15 | |||||
| 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 |