Discounted Cash Flow (DCF) Analysis Unlevered

Garrett Motion Inc

Garrett Motion Inc (GTX)

$2.01
0 (0.00%)

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 2,997.003,096.003,375.003,248.003,340.593,435.823,533.763,634.503,738.10
Revenue (%)
EBITDA 315.00-894.00487.00487.0092.3594.9897.69100.48103.34
EBITDA (%)
EBIT 256.00-958.00415.00414.0022.0622.6923.3324.0024.68
EBIT (%)
Depreciation 59.0064.0072.0073.0070.2972.3074.3676.4878.66
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 447.00598.00196.00187.00382.46393.36404.57416.10427.97
Total Cash (%)
Account Receivables 1,141.001,275.00750.00707.001,029.261,058.601,088.781,119.821,151.74
Account Receivables (%)
Inventories 125.00188.00172.00220.00184.68189.94195.35200.92206.65
Inventories (%)
Accounts Payable 736.00860.00916.001,009.00923.19949.50976.571,004.411,033.04
Accounts Payable (%)
Capital Expenditure -84.00-103.00-95.00-102.00-100.93-103.80-106.76-109.81-112.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.01
Beta 0.000
Diluted Shares Outstanding 75.93
Cost of Debt
Tax Rate 9.54
After-tax Cost of Debt 4.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.460
Total Debt 1,413.00
Total Equity 152.63
Total Capital 1,565.63
Debt Weighting 90.25
Equity Weighting 9.75
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 2,997.003,096.003,375.003,248.003,340.593,435.823,533.763,634.503,738.10
EBITDA 315.00-894.00487.00487.0092.3594.9897.69100.48103.34
EBIT 256.00-958.00415.00414.0022.0622.6923.3324.0024.68
Tax Rate 20.40%368.58%-197.98%9.54%50.13%50.13%50.13%50.13%50.13%
EBIAT 203.782,572.991,236.62374.5111.0011.3111.6411.9712.31
Depreciation 59.0064.0072.0073.0070.2972.3074.3676.4878.66
Accounts Receivable --134.00525.0043.00-322.26-29.34-30.18-31.04-31.92
Inventories --63.0016.00-48.0035.32-5.26-5.41-5.57-5.73
Accounts Payable -124.0056.0093.00-85.8126.3227.0727.8428.63
Capital Expenditure -84.00-103.00-95.00-102.00-100.93-103.80-106.76-109.81-112.94
UFCF 178.782,460.991,810.62433.51-392.39-28.48-29.29-30.13-30.99
WACC
PV UFCF -427.02-29.71-29.29-28.88-28.48
SUM PV UFCF -478.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.32
Free cash flow (t + 1) -32.23
Terminal Value -10,071.41
Present Value of Terminal Value -8,151.78

Intrinsic Value

Enterprise Value -8,630.41
Net Debt 1,226.00
Equity Value -9,856.41
Shares Outstanding 75.93
Equity Value Per Share -129.80