Discounted Cash Flow (DCF) Analysis Unlevered
Gentherm Incorporated (THRM)
$60.42
+1.60 (+2.72%)
All numbers are in Millions, Currency in USD
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 | 1,038.26 | 971.68 | 913.10 | 1,046.15 | 1,204.66 | 1,256.70 | 1,310.99 | 1,367.63 | 1,426.72 | 1,488.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 113.70 | 108.16 | 127.23 | 155.39 | 87.07 | 146.02 | 152.33 | 158.91 | 165.78 | 172.94 |
| EBITDA (%) | ||||||||||
| EBIT | 63.06 | 63.91 | 86.12 | 116.61 | 42.68 | 92.42 | 96.41 | 100.58 | 104.93 | 109.46 |
| EBIT (%) | ||||||||||
| Depreciation | 50.64 | 44.25 | 41.11 | 38.78 | 44.39 | 53.60 | 55.92 | 58.33 | 60.85 | 63.48 |
| 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 | 39.62 | 50.44 | 268.35 | 190.61 | 153.89 | 174.41 | 181.94 | 189.80 | 198 | 206.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 166.86 | 186.73 | 241.39 | 206.70 | 247.13 | 256.36 | 267.43 | 278.99 | 291.04 | 303.62 |
| Account Receivables (%) | ||||||||||
| Inventories | 112.54 | 118.48 | 122.40 | 159.48 | 218.25 | 175.43 | 183.01 | 190.92 | 199.17 | 207.77 |
| Inventories (%) | ||||||||||
| Accounts Payable | 93.11 | 83.04 | 116.04 | 122.73 | 182.23 | 143.47 | 149.66 | 156.13 | 162.88 | 169.91 |
| 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 | 1,038.26 | 971.68 | 913.10 | 1,046.15 | 1,204.66 | 1,256.70 | 1,310.99 | 1,367.63 | 1,426.72 | 1,488.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 113.70 | 108.16 | 127.23 | 155.39 | 87.07 | 146.02 | 152.33 | 158.91 | 165.78 | 172.94 |
| EBIT | 63.06 | 63.91 | 86.12 | 116.61 | 42.68 | 92.42 | 96.41 | 100.58 | 104.93 | 109.46 |
| Tax Rate | 27.91% | 36.59% | 26.81% | 17.93% | 36.32% | 29.11% | 29.11% | 29.11% | 29.11% | 29.11% |
| EBIAT | 45.46 | 40.53 | 63.03 | 95.70 | 27.18 | 65.51 | 68.35 | 71.30 | 74.38 | 77.59 |
| Depreciation | 50.64 | 44.25 | 41.11 | 38.78 | 44.39 | 53.60 | 55.92 | 58.33 | 60.85 | 63.48 |
| Accounts Receivable | - | -19.87 | -54.66 | 34.69 | -40.43 | -9.23 | -11.08 | -11.55 | -12.05 | -12.57 |
| Inventories | - | -5.94 | -3.92 | -37.08 | -58.77 | 42.82 | -7.58 | -7.91 | -8.25 | -8.60 |
| Accounts Payable | - | -10.08 | 33.01 | 6.68 | 59.50 | -38.76 | 6.20 | 6.47 | 6.75 | 7.04 |
| Capital Expenditure | -41.54 | -23.73 | -20.36 | -46.02 | -39.70 | -41.14 | -42.92 | -44.77 | -46.71 | -48.72 |
| UFCF | 54.56 | 25.15 | 58.21 | 92.75 | -7.84 | 72.80 | 68.89 | 71.86 | 74.97 | 78.21 |
| WACC | ||||||||||
| PV UFCF | 66.84 | 58.06 | 55.60 | 53.25 | 50.99 | |||||
| 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 |