Discounted Cash Flow (DCF) Analysis Unlevered

DENTSPLY SIRONA Inc. (XRAY)

$29.69

-0.29 (-0.97%)
All numbers are in Millions, Currency in USD
Stock DCF: -24.26 | 29.69 | 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 3,993.403,986.304,029.203,3424,2514,368.354,488.944,612.864,740.204,871.06
Revenue (%)
EBITDA -1,248.50-590.40697.4032296030.1630.9931.8432.7233.63
EBITDA (%)
EBIT -1,564.90-921.20374.60-12614-339.99-349.37-359.02-368.93-379.11
EBIT (%)
Depreciation 316.40330.80322.80334346370.14380.36390.86401.65412.74
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 375309.60404.90438339421.87433.51445.48457.78470.41
Total Cash (%)
Account Receivables 746.20701.90782709800836.42859.51883.23907.61932.67
Account Receivables (%)
Inventories 623.10598.90561.70466504614.78631.75649.19667.11685.53
Inventories (%)
Accounts Payable 284.40283.90307.90305268326.02335.02344.27353.77363.54
Accounts Payable (%)
Capital Expenditure -151-188-122.90-87-142-152.82-157.03-161.37-165.82-170.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.69
Beta 0.926
Diluted Shares Outstanding 219.20
Cost of Debt
Tax Rate 24.69
After-tax Cost of Debt 1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.251
Total Debt 2,290
Total Equity 6,508.05
Total Capital 8,798.05
Debt Weighting 26.03
Equity Weighting 73.97
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 3,993.403,986.304,029.203,3424,2514,368.354,488.944,612.864,740.204,871.06
EBITDA -1,248.50-590.40697.4032296030.1630.9931.8432.7233.63
EBIT -1,564.90-921.20374.60-12614-339.99-349.37-359.02-368.93-379.11
Tax Rate 3.34%-5.49%23.89%-38.33%24.69%1.62%1.62%1.62%1.62%1.62%
EBIAT -1,512.69-971.76285.13-16.60462.42-334.49-343.72-353.21-362.96-372.98
Depreciation 316.40330.80322.80334346370.14380.36390.86401.65412.74
Accounts Receivable -44.30-80.1073-91-36.42-23.09-23.73-24.38-25.06
Inventories -24.2037.2095.70-38-110.78-16.97-17.44-17.92-18.42
Accounts Payable --0.5024-2.90-3758.0299.259.509.77
Capital Expenditure -151-188-122.90-87-142-152.82-157.03-161.37-165.82-170.40
UFCF -1,347.29-760.96466.13396.20500.42-206.34-151.46-155.64-159.93-164.35
WACC
PV UFCF -193.62-133.36-128.59-123.99-119.56
SUM PV UFCF -699.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.57
Free cash flow (t + 1) -167.64
Terminal Value -3,668.16
Present Value of Terminal Value -2,668.54

Intrinsic Value

Enterprise Value -3,367.66
Net Debt 1,951
Equity Value -5,318.66
Shares Outstanding 219.20
Equity Value Per Share -24.26