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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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,378.972,486.032,395.532,508.362,725.092,935.743,064.613,199.153,339.593,486.203,639.25
Revenue (%)
EBITDA 484.83532.26554.81601.00683.18770.92716.20747.64780.46814.73850.49
EBITDA (%)
EBIT 425.60469.36490.84532.27607.15686.38633.76661.58690.63720.95752.60
EBIT (%)
Depreciation 59.2462.9063.9668.7376.0384.5582.4486.0689.8493.7897.90
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 111.8185.2798.94158.78148.79178.20153.84160.60167.65175.01182.69
Total Cash (%)
Account Receivables 466.75435.55411.31455.02528.67535.48562.36587.04612.82639.72667.80
Account Receivables (%)
Inventories 210.30204.60214.40221.99255.34268.91272.75284.72297.22310.27323.89
Inventories (%)
Accounts Payable 146.07145.93142.06146.49167.59196.69186.94195.15203.72212.66221.99
Accounts Payable (%)
Capital Expenditure -82.07-88.75-81.45-123.41-115.54-134.46-123.50-128.93-134.59-140.49-146.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 680.05
Diluted Shares Outstanding 25.22
Cost of Debt
Tax Rate 21.36
After-tax Cost of Debt -1.02
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.14
Total Debt 985.02
Total Equity 17,147.92
Total Capital 18,132.94
Debt Weighting 5.43
Equity Weighting 94.57
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 2,378.972,486.032,395.532,508.362,725.092,935.743,064.613,199.153,339.593,486.203,639.25
EBITDA 484.83532.26554.81601.00683.18770.92716.20747.64780.46814.73850.49
EBIT 425.60469.36490.84532.27607.15686.38633.76661.58690.63720.95752.60
Tax Rate 23.99%23.99%23.87%23.77%34.52%21.36%25.25%25.25%25.25%25.25%25.25%
EBIAT 323.49356.75373.70405.78397.53539.75473.74494.53516.24538.91562.56
Depreciation 59.2462.9063.9668.7376.0384.5582.4486.0689.8493.7897.90
Accounts Receivable -31.2024.24-43.70-73.65-6.81-26.88-24.69-25.77-26.90-28.08
Inventories -5.70-9.80-7.59-33.35-13.57-3.84-11.97-12.50-13.05-13.62
Accounts Payable --0.14-3.874.4321.1029.10-9.758.218.578.949.34
Capital Expenditure -6.68-7.3041.96-7.8718.91-10.955.425.665.916.17
UFCF 382.73463.09440.92469.61379.80651.93504.75557.56582.03607.59634.26
WACC
PV UFCF 448.11439.44407.26377.43349.79
SUM PV UFCF 2,823.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.64
Free cash flow (t + 1) 659.63
Terminal Value 7,634.59
Present Value of Terminal Value 4,210.39

Intrinsic Value

Enterprise Value 7,034.04
Net Debt 806.82
Equity Value 6,227.22
Shares Outstanding 25.22
Equity Value Per Share 246.96