DCF Tool


Catalent Inc. – Pharmaceutical Preparation Manufacturing
catalyst + talent. our name combines these ideas. from drug and biologic development services to delivery technologies to supply solutions, we are the catalyst for your success. with over 80 years of experience, we have the deepest expertise, the broadest offerings, and the most innovative technologies to help you get more molecules to market faster, enhance product performance and provide superior, reliable manufacturing and packaging results. catalent develops. with our broad range of expert services we drive faster, more efficient development timelines to help you take more molecules to market and create more effective products. catalent delivers. as the world leader in drug delivery innovations, we have a proven record of enhancing bioavailability, solubility and permeability, improving ease and route of administration, and increasing patient compliance for better treatments. catalent supplies. globally positioned to serve all your manufacturing and commercial packaging needs, we p
Analysis Results
Intrinsic Value $376.65
Latest Price $40.15
Relative Value 89% 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 28.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.3%, 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 0.925 0.893
2024 1.19 1.11
2025 1.52 1.37
2026 1.95 1.69
2027 2.51 2.1
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 75.2 billion. This corresponds to a present value of 60.7 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.16 billion. Adding in the terminal value gives a total present value of 67.9 billion.

There are presently 180.0 million outstanding shares, so the intrinsic value per share is 376.65.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,917,000,000
Current Cash 538,000,000
Current Liabilities 1,098,000,000
Current Debt 31,000,000
Non-Cash Working Capital (NCWC) 1,312,000,000
Change in NCWC 482,000,000
EBIT 729,000,000
Tax Provision 80,000,000
Depreciation and Amortization 378,000,000
Capital Expenditure -660,000,000
Unlevered Free Cash Flow 828,274,611
Current Assets 2,918,000,000
Current Cash 967,000,000
Current Liabilities 1,196,000,000
Current Debt 75,000,000
Non-Cash Working Capital (NCWC) 830,000,000
Change in NCWC 310,500,000
EBIT 646,000,000
Tax Provision 130,000,000
Depreciation and Amortization 289,000,000
Capital Expenditure -686,000,000
Unlevered Free Cash Flow 442,045,454
Current Assets 2,293,000,000
Current Cash 953,200,000
Current Liabilities 893,200,000
Current Debt 72,900,000
Non-Cash Working Capital (NCWC) 519,500,000
Change in NCWC 63,300,000
EBIT 405,400,000
Tax Provision 39,700,000
Depreciation and Amortization 253,700,000
Capital Expenditure -465,800,000
Unlevered Free Cash Flow 194,793,625
Current Assets 1,395,800,000
Current Cash 345,400,000
Current Liabilities 670,700,000
Current Debt 76,500,000
Non-Cash Working Capital (NCWC) 456,200,000
Change in NCWC 131,100,000
EBIT 293,100,000
Tax Provision 22,900,000
Depreciation and Amortization 228,600,000
Capital Expenditure -218,100,000
Unlevered Free Cash Flow 392,828,571
Current Assets 1,240,300,000
Current Cash 410,200,000
Current Liabilities 576,900,000
Current Debt 71,900,000
Non-Cash Working Capital (NCWC) 325,100,000
Change in NCWC -2,000,000
EBIT 290,000,000
Tax Provision 68,400,000
Depreciation and Amortization 190,100,000
Capital Expenditure -176,500,000
Unlevered Free Cash Flow 171,100,000
Current Assets 1,059,800,000
Current Cash 288,300,000
Current Liabilities 469,000,000
Current Debt 24,600,000
Non-Cash Working Capital (NCWC) 327,100,000
Change in NCWC 39,000,000
EBIT 252,000,000
Tax Provision 25,800,000
Depreciation and Amortization 146,500,000
Capital Expenditure -139,800,000
Unlevered Free Cash Flow 249,753,097
Current Assets 790,200,000
Current Cash 138,600,000
Current Liabilities 391,200,000
Current Debt 27,700,000
Non-Cash Working Capital (NCWC) 288,100,000
Change in NCWC 77,100,000
EBIT 229,500,000
Tax Provision 33,700,000
Depreciation and Amortization 140,600,000
Capital Expenditure -139,600,000
Unlevered Free Cash Flow 254,224,223
Current Assets 737,500,000
Current Cash 151,300,000
Current Liabilities 399,000,000
Current Debt 23,800,000
Non-Cash Working Capital (NCWC) 211,000,000
Change in NCWC 25,700,000
EBIT 278,000,000
Tax Provision -97,700,000
Depreciation and Amortization 140,800,000
Capital Expenditure -141,000,000
Unlevered Free Cash Flow 303,500,000

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