Discounted Cash Flow (DCF) Analysis Unlevered

Mettler-Toledo International Inc

Mettler-Toledo International Inc (MTD)

$968.47
-6.6 (-0.68%)

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
2024
Projected
Revenue 2,379.002,486.002,395.452,508.262,725.052,935.593,008.653,131.123,258.573,391.213,529.243,672.90
Revenue (%)
EBITDA 484.73532.30554.91601.01683.14771.06807.49747.39777.81809.47842.42876.71
EBITDA (%)
EBIT 425.43469.50490.87532.22607.01686.37718.80662.13689.08717.13746.32776.69
EBIT (%)
Depreciation 59.3062.8064.0468.7976.1384.6988.6885.2688.7392.3496.10100.01
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
2024
Projected
Total Cash 111.9085.3098.89158.67148.69178.11207.78165.59172.33179.34186.64194.24
Total Cash (%)
Account Receivables 466.70435.60411.42454.99528.61535.53566.26576.65600.12624.54649.97676.42
Account Receivables (%)
Inventories 210.40204.50214.38222.05255.39268.82274.28279.65291.03302.87315.20328.03
Inventories (%)
Accounts Payable 146.00145.90142.07146.59167.63196.64185.59191.44199.24207.35215.79224.57
Accounts Payable (%)
Capital Expenditure -82.30-89.40-82.51-123.96-127.43-142.73-97.34-126.21-131.34-136.69-142.25-148.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 968.47
Beta 1.010
Diluted Shares Outstanding 24.97
Cost of Debt
Tax Rate 17.65
After-tax Cost of Debt 4.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.500
Total Debt 1,291.22
Total Equity 24,187.02
Total Capital 25,478.23
Debt Weighting 5.07
Equity Weighting 94.93
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
2024
Projected
Revenue 2,379.002,486.002,395.452,508.262,725.052,935.593,008.653,131.123,258.573,391.213,529.243,672.90
EBITDA 484.73532.30554.91601.01683.14771.06807.49747.39777.81809.47842.42876.71
EBIT 425.43469.50490.87532.22607.01686.37718.80662.13689.08717.13746.32776.69
Tax Rate 23.99%24.00%23.87%23.77%34.52%21.36%17.65%24.17%24.17%24.17%24.17%24.17%
EBIAT 323.37356.82373.72405.74397.44539.75591.92502.12522.56543.83565.96589.00
Depreciation 59.3062.8064.0468.7976.1384.6988.6885.2688.7392.3496.10100.01
Accounts Receivable -31.1024.18-43.57-73.63-6.91-30.73-10.39-23.47-24.43-25.42-26.46
Inventories -5.90-9.88-7.66-33.34-13.43-5.46-5.36-11.38-11.85-12.33-12.83
Accounts Payable --0.10-3.834.5221.0329.01-11.055.857.798.118.448.78
Capital Expenditure -82.30-89.40-82.51-123.96-127.43-142.73-97.34-126.21-131.34-136.69-142.25-148.05
UFCF 300.37367.12365.72303.86260.20490.38536.01451.27452.88471.32490.50510.47
WACC
PV UFCF 409.58373.06352.37332.83314.38
SUM PV UFCF 1,782.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.18
Free cash flow (t + 1) 530.88
Terminal Value 8,590.36
Present Value of Terminal Value 5,290.51

Intrinsic Value

Enterprise Value 7,072.74
Net Debt 1,083.43
Equity Value 5,989.30
Shares Outstanding 24.97
Equity Value Per Share 239.82