DCF Tool


Axalta Coating Systems Ltd – Paint and Coating Manufacturing
singular focus on providing brilliant coatings sets us apart. axalta coating systems is the only leading global coatings company dedicated solely to the development, manufacture and sale of liquid and powder coatings. we serve customers in the automotive, transportation, general industrial and architectural and decorative sectors. our innovative products and services include paint, color matching tools, application technologies and customer training and business management systems. our scale ensures we can deliver innovative coating systems around the world. fast facts • over 145 years of experience in the coatings industry • more than 12,000 people who create, manufacture, distribute and support our products and services • doing business in 130 countries • 35 manufacturing plants around the world • 7 research & development centers on four continents • over 1,800 patents held or pending • 42 training centers to support our refinish customers around the globe • more than 120,
Analysis Results
Intrinsic Value $63.09
Latest Price $26.92
Relative Value 57% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 8.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.713 0.66
2024 0.777 0.665
2025 0.846 0.671
2026 0.922 0.676
2027 1.0 0.682
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 16.9 billion. This corresponds to a present value of 10.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.35 billion. Adding in the terminal value gives a total present value of 14.0 billion.

There are presently 222.0 million outstanding shares, so the intrinsic value per share is 63.09.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,692,700,000
Current Cash 645,200,000
Current Liabilities 1,384,700,000
Current Debt 31,000,000
Non-Cash Working Capital (NCWC) 693,800,000
Change in NCWC 214,000,000
EBIT 423,200,000
Tax Provision 65,100,000
Depreciation and Amortization 303,100,000
Capital Expenditure -150,900,000
Unlevered Free Cash Flow 682,325,301
Current Assets 2,575,600,000
Current Cash 840,600,000
Current Liabilities 1,334,900,000
Current Debt 79,700,000
Non-Cash Working Capital (NCWC) 479,800,000
Change in NCWC 41,500,000
EBIT 462,400,000
Tax Provision 76,100,000
Depreciation and Amortization 316,500,000
Capital Expenditure -121,600,000
Unlevered Free Cash Flow 595,455,976
Current Assets 2,925,900,000
Current Cash 1,360,900,000
Current Liabilities 1,180,900,000
Current Debt 54,200,000
Non-Cash Working Capital (NCWC) 438,300,000
Change in NCWC -88,600,000
EBIT 305,500,000
Tax Provision 200,000
Depreciation and Amortization 320,300,000
Capital Expenditure -82,100,000
Unlevered Free Cash Flow 454,600,000
Current Assets 2,573,400,000
Current Cash 1,017,500,000
Current Liabilities 1,072,900,000
Current Debt 43,900,000
Non-Cash Working Capital (NCWC) 526,900,000
Change in NCWC -90,700,000
EBIT 488,200,000
Tax Provision 77,400,000
Depreciation and Amortization 353,000,000
Capital Expenditure -112,500,000
Unlevered Free Cash Flow 523,494,909
Current Assets 2,309,600,000
Current Cash 693,600,000
Current Liabilities 1,040,600,000
Current Debt 42,200,000
Non-Cash Working Capital (NCWC) 617,600,000
Change in NCWC 116,300,000
EBIT 442,100,000
Tax Provision 54,200,000
Depreciation and Amortization 369,100,000
Capital Expenditure -143,400,000
Unlevered Free Cash Flow 694,523,102
Current Assets 2,315,600,000
Current Cash 769,800,000
Current Liabilities 1,082,200,000
Current Debt 37,700,000
Non-Cash Working Capital (NCWC) 501,300,000
Change in NCWC 8,500,000
EBIT 433,200,000
Tax Provision 141,900,000
Depreciation and Amortization 347,500,000
Capital Expenditure -125,000,000
Unlevered Free Cash Flow 339,985,443
Current Assets 1,920,000,000
Current Cash 535,400,000
Current Liabilities 919,700,000
Current Debt 27,900,000
Non-Cash Working Capital (NCWC) 492,800,000
Change in NCWC -108,000,000
EBIT 466,200,000
Tax Provision 39,800,000
Depreciation and Amortization 322,100,000
Capital Expenditure -136,200,000
Unlevered Free Cash Flow 331,802,974
Current Assets 1,917,300,000
Current Cash 485,000,000
Current Liabilities 881,600,000
Current Debt 50,100,000
Non-Cash Working Capital (NCWC) 600,800,000
Change in NCWC 16,600,000
EBIT 468,900,000
Tax Provision 63,300,000
Depreciation and Amortization 307,700,000
Capital Expenditure -138,100,000
Unlevered Free Cash Flow 470,972,394

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