Discounted Cash Flow (DCF) Analysis Unlevered

Trimble Inc. (TRMB)

$58.54

-0.17 (-0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 49.09 | 58.54 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,654.203,108.403,640.324,263.284,992.835,847.236,847.838,019.679,392.0310,999.25
Revenue (%)
EBITDA 467.40565.90651.90763.45894.101,047.101,226.291,436.141,681.891,969.71
EBITDA (%)
EBIT 284350.70400.11468.58548.77642.68752.66881.461,032.301,208.95
EBIT (%)
Depreciation 183.40215.20251.78294.87345.33404.42473.63554.68649.60760.76
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 537.40172.50469.54549.89643.99754.19883.261,034.401,211.411,418.72
Total Cash (%)
Account Receivables 457.60545.80633.41741.80868.741,017.401,191.501,395.401,634.191,913.84
Account Receivables (%)
Inventories 271.80298360.89422.65494.97579.67678.87795.04931.091,090.43
Inventories (%)
Accounts Payable 146.10147.60186.62218.55255.96299.76351.05411.12481.48563.87
Accounts Payable (%)
Capital Expenditure -43.70-67.60-69.55-81.45-95.39-111.72-130.83-153.22-179.44-210.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 58.54
Beta 1.567
Diluted Shares Outstanding 254.30
Cost of Debt
Tax Rate 14.25
After-tax Cost of Debt 3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.085
Total Debt 1,414.60
Total Equity 14,886.72
Total Capital 16,301.32
Debt Weighting 8.68
Equity Weighting 91.32
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,654.203,108.403,640.324,263.284,992.835,847.236,847.838,019.679,392.0310,999.25
EBITDA 467.40565.90651.90763.45894.101,047.101,226.291,436.141,681.891,969.71
EBIT 284350.70400.11468.58548.77642.68752.66881.461,032.301,208.95
Tax Rate 53.26%-1.73%4.16%-49.16%14.25%4.16%4.16%4.16%4.16%4.16%
EBIAT 132.74356.76383.48698.94470.55615.96721.37844.81989.381,158.69
Depreciation 183.40215.20251.78294.87345.33404.42473.63554.68649.60760.76
Accounts Receivable --88.20-87.61-108.39-126.94-148.66-174.10-203.90-238.79-279.65
Inventories --26.20-62.89-61.76-72.33-84.70-99.20-116.17-136.05-159.33
Accounts Payable -1.5039.0231.9437.4043.8051.3060.0770.3582.39
Capital Expenditure -43.70-67.60-69.55-69-46.10-111.72-130.83-153.22-179.44-210.15
UFCF 272.44391.46454.23774.14558.62719.10842.16986.271,155.051,352.71
WACC
PV UFCF 554.33855.19558.62650.95690.09731.58775.57822.21
SUM PV UFCF 3,670.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.47
Free cash flow (t + 1) 1,379.76
Terminal Value 16,289.97
Present Value of Terminal Value 9,901.44

Intrinsic Value

Enterprise Value 13,571.85
Net Debt 1,088.90
Equity Value 12,482.95
Shares Outstanding 254.30
Equity Value Per Share 49.09