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Discounted Cash Flow (DCF) Analysis Unlevered


TechnipFMC plc

TechnipFMC plc (FTI)

Energy

Operating Data

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 9,732.4711,081.3911,471.469,198.9615,055.9412,552.1413,671.7914,891.3116,219.6117,666.4019,242.25
Revenue (%)
EBITDA 1,529.941,577.99638.96987.971,729.93-465.681,231.831,341.711,461.391,591.741,733.73
EBITDA (%)
EBIT 1,308.041,287.66300.55687.161,115.64-1,015.47786.13856.25932.631,015.821,106.43
EBIT (%)
Depreciation 221.90290.33338.41300.81614.28549.78445.70485.46528.76575.92627.30
Depreciation (%)

Balance Sheet Data

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
Total Cash 3,287.632,954.303,210.866,269.096,737.535,540.515,593.136,092.036,635.447,227.337,872.00
Total Cash (%)
Account Receivables 2,452.582,532.102,483.572,510.401,484.522,470.262,883.383,140.583,420.723,725.844,058.19
Account Receivables (%)
Inventories 302.68391.17474.92334.84987.671,251.45705.46768.39836.93911.59992.90
Inventories (%)
Accounts Payable 2,679.352,544.292,727.913,837.813,958.212,600.803,714.624,045.974,406.874,799.965,228.12
Accounts Payable (%)
Capital Expenditure -532.37-328.01-325.79-312.76-255.95-367.78-440.23-479.50-522.27-568.86-619.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.66
Diluted Shares Outstanding 458.00
Cost of Debt
Tax Rate -28.20
After-tax Cost of Debt 1.46
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.57
Total Debt 4,124.30
Total Equity 10,836.28
Total Capital 14,960.58
Debt Weighting 27.57
Equity Weighting 72.43
Wacc

Build Up Free Cash

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 9,732.4711,081.3911,471.469,198.9615,055.9412,552.1413,671.7914,891.3116,219.6117,666.4019,242.25
EBITDA 1,529.941,577.99638.96987.971,729.93-465.681,231.831,341.711,461.391,591.741,733.73
EBIT 1,308.041,287.66300.55687.161,115.64-1,015.47786.13856.25932.631,015.821,106.43
Tax Rate 26.27%26.44%90.46%31.43%82.80%-28.20%38.20%38.20%38.20%38.20%38.20%
EBIAT 964.46947.2528.68471.17191.87-1,301.84485.83529.17576.37627.78683.78
Depreciation 221.90290.33338.41300.81614.28549.78445.70485.46528.76575.92627.30
Accounts Receivable --79.5248.53-26.831,025.88-985.74-413.12-257.20-280.14-305.13-332.35
Inventories --88.49-83.75140.08-652.83-263.78545.98-62.93-68.54-74.65-81.31
Accounts Payable --135.06183.621,109.89120.40-1,357.401,113.82331.34360.90393.09428.16
Capital Expenditure --204.36-2.22-13.02-56.81111.8372.4539.2742.7746.5950.74
UFCF 1,186.36730.15513.281,982.091,242.79-3,247.152,250.671,065.111,160.121,263.611,376.32
WACC
PV UFCF 2,030.01866.50851.26836.29821.58
SUM PV UFCF 5,256.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.87
Free cash flow (t + 1) 1,431.37
Terminal Value 20,835.12
Present Value of Terminal Value 12,437.29

Intrinsic Value

Enterprise Value 17,693.78
Net Debt -1,416.21
Equity Value 19,110.00
Shares Outstanding 458.00
Equity Value Per Share 41.72