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Discounted Cash Flow (DCF) Analysis Unlevered


Mettler-Toledo International Inc.

Mettler-Toledo International Inc. (MTD)

Healthcare

Operating Data

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 (%)
EBITDA 365.41507.90527.50572.91650.48736.58769.96694.21722.46751.87782.47
EBITDA (%)
EBIT 306.17445.00463.54504.18574.45652.03681.20609.04633.82659.62686.47
EBIT (%)
Depreciation 59.2462.9063.9668.7376.0384.5588.7685.1788.6492.2596.00
Depreciation (%)

Balance Sheet Data

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
Total Cash 111.8185.2798.94158.78148.79178.20207.91165.65172.39179.40186.71
Total Cash (%)
Account Receivables 466.75435.55411.31455.02528.67535.48566.26576.78600.26624.69650.12
Account Receivables (%)
Inventories 210.30204.60214.40221.99255.34268.91274.41279.62291.01302.85315.18
Inventories (%)
Accounts Payable 146.07145.93142.06146.49167.59196.69185.65191.32199.11207.21215.65
Accounts Payable (%)
Capital Expenditure 82.3189.5082.41123.91127.53142.6897.49126.19131.33136.67142.23
Capital Expenditure (%)

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

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
EBITDA 365.41507.90527.50572.91650.48736.58769.96694.21722.46751.87782.47
EBIT 306.17445.00463.54504.18574.45652.03681.20609.04633.82659.62686.47
Tax Rate -1,589.35%23.99%23.87%23.77%34.52%21.36%17.65%-206.31%-206.31%-206.31%-206.31%
EBIAT 5,172.36338.24352.91384.36376.12512.74560.951,865.561,941.492,020.512,102.74
Depreciation 59.2462.9063.9668.7376.0384.5588.7685.1788.6492.2596.00
Accounts Receivable -31.2024.24-43.70-73.65-6.81-30.78-10.52-23.48-24.43-25.42
Inventories -5.70-9.80-7.59-33.35-13.57-5.49-5.22-11.38-11.84-12.33
Accounts Payable --0.14-3.874.4321.1029.10-11.055.687.798.108.43
Capital Expenditure --7.187.09-41.51-3.62-15.1445.19-28.70-5.14-5.35-5.56
UFCF 5,231.59430.71434.52364.72362.63590.87647.571,911.961,997.922,079.242,163.86
WACC
PV UFCF 1,509.081,400.961,295.291,197.59
SUM PV UFCF 8,950.37

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 899.84