Ecolab Inc. provides water, hygiene, and infection prevention solutions and services in the United States and internationally. The company operates through Global Industrial, Global Institutional & Specialty, and Global Healthcare & Life Sciences segments. The Global Industrial segment offers water treatment and process applications, and cleaning and sanitizing solutions to manufacturing, food and beverage processing, transportation, chemical, metals and mining, power generation, pulp and paper, commercial laundry, petroleum, refining, and petrochemical industries. The Global Institutional & Specialty segment provides specialized cleaning and sanitizing products to the foodservice, hospitality, lodging, government and education, and retail industries. Its Global Healthcare & Life Sciences segment offers specialized cleaning and sanitizing products to the healthcare, personal care, and pharmaceutical industries, such as infection prevention and surgical solutions, and end-to-end cleaning and contamination control solutions under the Ecolab, Microtek, and Anios brand names. The company's Other segment offers pest elimination services to detect, eliminate, and prevent pests, such as rodents and insects in restaurants, food and beverage processors, educational and healthcare facilities, hotels, quick service restaurant and grocery operations, and other institutional and commercial customers. This segment also provides colloidal silica for binding and polishing applications in semiconductor, catalyst, and aerospace component manufacturing, as well as chemical industries; and products and services that manage wash process through custom designed programs, premium products, dispensing equipment, water and energy management, and reduction, as well as real time data management. It sells its products through field sales and corporate account personnel, distributors, and dealers. The company was founded in 1923 and is headquartered in Saint Paul, Minnesota.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	14,187.8	15,320.2	15,741.4	16,054.7	16,894.8	17,773.9	17,773.9	17,773.9
Revenue % Chg.	11.4%	8%	2.7%
EBIT	1,848	2,186.1	2,670.1	2,875.7	3,216.3	3,607.2	3,607.2	3,607.2
EBIT Margin	13%	14.3%	17%
Tax Rate	17.5%	20.6%	17.1%
NOPAT	1,525.4	1,734.7	2,213.9	2,296.3	2,571.1	2,882.9	2,882.9	2,882.9
NOPAT Margin	10.8%	11.3%	14.1%	14.3%	15.2%	16.2%	16.2%	16.2%
D&A	938.7	923.6	935.4	970.8	988.5	933.9	933.9	933.9
D&A / Revenue	6.6%	6%	5.9%
Capex	-712.8	-774.8	-994.5	-1,027.7	-1,075	-1,048.6	-1,048.6	-1,048.6
Capex / Revenue	-5%	-5.1%	-6.3%
Chg. NWC	-276.7	162.7	176.1	12.3	13	13.7	13.7	13.7
Chg. NWC / Revenue	-2%	1.1%	1.1%
Unlevered FCF (UFCF)	1,474.6	2,046.2	2,330.9	2,251.8	2,497.6	2,781.9	2,781.9	2,781.9
UFCF % Chg.	-13.8%	38.8%	13.9%	-3.4%	10.9%	11.4%	—	—
PV of UFCF	—	—	—	2,081.7	2,134.5	2,197.9	2,031.9	1,878.4
Sum of PV of UFCF	—	—	—	2,081.7	4,216.2	6,414.1	8,445.9	10,324.3

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.3%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	8,282.7
Market Cap	74,018
Total Capital	82,300.7
Debt Weighting	10.1%
Equity Weighting	89.9%
WACC	8.2%

Exit Multiple EV/FCF
Terminal Value	80,927.1
PV of Terminal Value	50,516.3
Cumulative PV of UFCF	10,324.3
Net Debt	6,874.2
Equity Value	53,966.4
Shares Outstanding	283.2
Implied Share Price	190.5
Current Share Price	261.3
Implied Upside / (Downside)	-27.1%