Discounted Cash Flow (DCF) Analysis Unlevered

Visteon Corporation (VC)

$113.31

-6.24 (-5.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.63 | 113.31 | 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 3,1462,9842,9452,5482,7732,6962,621.152,548.372,477.612,408.82
Revenue (%)
EBITDA 33231220744190197.44191.95186.62181.44176.40
EBITDA (%)
EBIT 245221107-6082104.76101.8599.0396.2893.60
EBIT (%)
Depreciation 879110010410892.6790.1087.6085.1782.80
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 706463466496452482.84469.43456.40443.73431.40
Total Cash (%)
Account Receivables 652581632604640584.71568.47552.69537.34522.42
Account Receivables (%)
Inventories 189184169177262184.99179.85174.86170165.28
Inventories (%)
Accounts Payable 470436511500522460.21447.43435.01422.93411.18
Accounts Payable (%)
Capital Expenditure -99-127-142-104-70-101.53-98.72-95.97-93.31-90.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 113.31
Beta 1.779
Diluted Shares Outstanding 27.90
Cost of Debt
Tax Rate 49.38
After-tax Cost of Debt 1.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.096
Total Debt 498
Total Equity 3,161.35
Total Capital 3,659.35
Debt Weighting 13.61
Equity Weighting 86.39
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 3,1462,9842,9452,5482,7732,6962,621.152,548.372,477.612,408.82
EBITDA 33231220744190197.44191.95186.62181.44176.40
EBIT 245221107-6082104.76101.8599.0396.2893.60
Tax Rate 21.08%24.07%33.96%-140.00%49.38%-2.30%-2.30%-2.30%-2.30%-2.30%
EBIAT 193.36167.8070.66-14441.51107.17104.20101.3198.4995.76
Depreciation 879110010410892.6790.1087.6085.1782.80
Accounts Receivable -71-5128-3655.2916.2415.7815.3514.92
Inventories -515-8-8577.015.144.994.864.72
Accounts Payable --3475-1122-61.79-12.78-12.42-12.08-11.74
Capital Expenditure -99-127-142-104-70-101.53-98.72-95.97-93.31-90.72
UFCF 181.36173.8067.66-135-19.49168.82104.17101.2898.4795.74
WACC
PV UFCF 152.6685.1874.8865.8357.88
SUM PV UFCF 436.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.59
Free cash flow (t + 1) 97.65
Terminal Value 1,136.80
Present Value of Terminal Value 687.23

Intrinsic Value

Enterprise Value 1,123.66
Net Debt 46
Equity Value 1,077.66
Shares Outstanding 27.90
Equity Value Per Share 38.63