Amersham plc
LSE-AHM
BUILD UP FREE CASH | 2001-12-31 (A) | 2002-12-31 (A) | 2003-12-31 (A) | 2004-12-31 (E) | 2005-12-31 (E) | 2006-12-31 (E) | 2007-12-31 (E) | 2008-12-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 1,515.2 | 1,538 | 1,570 | 1,570 | 1,570 | 1,570 | 1,570 | 1,570 |
Revenue % Chg. | 18.1% | 1.5% | 2.1% | |||||
EBIT | 254.7 | 250 | 232 | 250.4 | 250.4 | 250.4 | 250.4 | 250.4 |
EBIT Margin | 16.8% | 16.3% | 14.8% | |||||
Tax Rate | 30.7% | 32.2% | 40.1% | |||||
NOPAT | 176.5 | 169.5 | 139 | 164.4 | 164.4 | 164.4 | 164.4 | 164.4 |
NOPAT Margin | 11.6% | 11% | 8.9% | 10.5% | 10.5% | 10.5% | 10.5% | 10.5% |
D&A | 80 | 117 | 131 | 111.1 | 111.1 | 111.1 | 111.1 | 111.1 |
D&A / Revenue | 5.3% | 7.6% | 8.3% | |||||
Capex | -91.6 | -143 | -168 | -136.3 | -136.3 | -136.3 | -136.3 | -136.3 |
Capex / Revenue | -6% | -9.3% | -10.7% | |||||
Chg. NWC | -40.3 | -80 | -109 | -77.5 | -77.5 | -77.5 | -77.5 | -77.5 |
Chg. NWC / Revenue | -2.7% | -5.2% | -6.9% | |||||
Unlevered FCF (UFCF) | 124.6 | 63.5 | -7 | 61.7 | 61.7 | 61.7 | 61.7 | 61.7 |
UFCF % Chg. | 289% | -49% | -111.1% | -976.9% | — | — | — | — |
PV of UFCF | — | — | — | 56.5 | 51.7 | 47.3 | 43.3 | 39.6 |
Sum of PV of UFCF | — | — | — | 56.5 | 108.2 | 155.5 | 198.7 | 238.3 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | 1.5% |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 9.6% |
| Total Debt | 209 |
| Market Cap | 5,807.9 |
| Total Capital | 6,016.9 |
| Debt Weighting | 3.5% |
| Equity Weighting | 96.5% |
| WACC | 9.3% |
| Exit Multiple EV/FCF | |
| Terminal Value | 5,959.9 |
| PV of Terminal Value | 3,496 |
| Cumulative PV of UFCF | 238.3 |
| Net Debt | 147 |
| Equity Value | 3,587.3 |
| Shares Outstanding | 704.8 |
| Implied Share Price | 5.1 |
| Current Share Price | 8.2 |
| Implied Upside / (Downside) | -38.2% |