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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
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,378.972,486.032,395.532,508.362,725.092,935.743,008.843,131.303,258.743,391.373,529.40
Revenue (%)
Operating Cash Flow 345.90418.90426.88442.98516.40565.13603.57559.56582.34606.04630.70
Operating Cash Flow (%)
Capital Expenditure 82.3189.5082.41123.91127.53142.6897.49126.19131.33136.67142.23
Capital Expenditure (%)
Free Cash Flow 428.21508.39509.29566.89643.94707.81701.06685.75713.66742.71772.94

Weighted Average Cost Of Capital

Share price $ 760.22
Diluted Shares Outstanding 24.97
Cost of Debt
Tax Rate 17.65
After-tax Cost of Debt -0.83
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.11
Total Debt 1,235.35
Total Equity 18,986.08
Total Capital 20,221.43
Debt Weighting 6.11
Equity Weighting 93.89
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,378.972,486.032,395.532,508.362,725.092,935.743,008.843,131.303,258.743,391.373,529.40
Operating Cash Flow 345.90418.90426.88442.98516.40565.13603.57559.56582.34606.04630.70
Capital Expenditure 82.3189.5082.41123.91127.53142.6897.49126.19131.33136.67142.23
Free Cash Flow 428.21508.39509.29566.89643.94707.81701.06685.75713.66742.71772.94
WACC
PV LFCF 541.25500.43462.68427.78
SUM PV LFCF 3,452.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.56
Free cash flow (t + 1) 2,250.41
Terminal Value 26,289.89
Present Value of Terminal Value 14,550.18

Intrinsic Value

Enterprise Value 23,500.55
Net Debt 1,027.44
Equity Value 22,473.11
Shares Outstanding 24.97
Equity Value Per Share 305.22