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Discounted Cash Flow (DCF) Analysis Levered


Mettler-Toledo International Inc.

Mettler-Toledo International Inc. (MTD)

Healthcare

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,378.972,486.032,395.532,508.362,725.092,935.743,064.613,199.153,339.593,486.203,639.25
Revenue (%)
Operating Cash Flow 345.90418.90439.82460.79516.40565.13543.05566.89591.78617.76644.87
Operating Cash Flow (%)
Capital Expenditure -82.07-88.75-81.45-123.41-115.54-134.46-123.50-128.93-134.59-140.49-146.66
Capital Expenditure (%)
Free Cash Flow 263.83330.14358.37337.37400.86430.67419.55437.96457.19477.26498.21

Weighted Average Cost Of Capital

Share price $ 675.79
Diluted Shares Outstanding 25.78
Cost of Debt
Tax Rate 21.36
After-tax Cost of Debt -1.02
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.14
Total Debt 985.02
Total Equity 17,422.76
Total Capital 18,407.78
Debt Weighting 5.35
Equity Weighting 94.65
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,378.972,486.032,395.532,508.362,725.092,935.743,064.613,199.153,339.593,486.203,639.25
Operating Cash Flow 345.90418.90439.82460.79516.40565.13543.05566.89591.78617.76644.87
Capital Expenditure -82.07-88.75-81.45-123.41-115.54-134.46-123.50-128.93-134.59-140.49-146.66
Free Cash Flow 263.83330.14358.37337.37400.86430.67419.55437.96457.19477.26498.21
WACC
PV LFCF 330.61306.37283.90263.09243.80
SUM PV LFCF 2,173.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.65
Free cash flow (t + 1) 659.63
Terminal Value 7,625.77
Present Value of Terminal Value 4,203.66

Intrinsic Value

Enterprise Value 7,025.98
Net Debt 806.82
Equity Value 6,219.16
Shares Outstanding 25.78
Equity Value Per Share 181.08

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
14.65 (%) 129.35 Sell 135.80 Sell 143.26 Sell 152.01 Sell 162.40 Sell 174.94 Sell 190.39 Sell 209.87 Sell 235.21 Sell
14.15 (%) 125.18 Sell 131.09 Sell 137.89 Sell 145.82 Sell 155.17 Sell 166.35 Sell 179.99 Sell 196.96 Sell 218.69 Sell
13.65 (%) 121.33 Sell 126.75 Sell 132.97 Sell 140.17 Sell 148.61 Sell 158.63 Sell 170.73 Sell 185.63 Sell 204.43 Sell
13.15 (%) 117.75 Sell 122.74 Sell 128.44 Sell 135.01 Sell 142.65 Sell 151.67 Sell 162.46 Sell 175.61 Sell 192.00 Sell
12.65 (%) 114.42 Sell 119.03 Sell 124.26 Sell 130.26 Sell 137.21 Sell 145.36 Sell 155.03 Sell 166.70 Sell 181.08 Sell
12.15 (%) 111.33 Sell 115.58 Sell 120.40 Sell 125.90 Sell 132.24 Sell 139.62 Sell 148.32 Sell 158.74 Sell 171.43 Sell
11.65 (%) 108.44 Sell 112.38 Sell 116.83 Sell 121.88 Sell 127.67 Sell 134.38 Sell 142.24 Sell 151.57 Sell 162.85 Sell
11.15 (%) 105.74 Sell 109.40 Sell 113.51 Sell 118.16 Sell 123.47 Sell 129.59 Sell 136.71 Sell 145.11 Sell 155.17 Sell
10.65 (%) 103.22 Sell 106.62 Sell 110.42 Sell 114.71 Sell 119.59 Sell 125.19 Sell 131.66 Sell 139.25 Sell 148.27 Sell