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FMC Corp. – Pesticide and Other Agricultural Chemical Manufacturing
fmc corporation is a diversified chemical company serving agricultural, industrial and consumer markets globally for more than a century with innovative solutions, applications and quality products. we are proud that our chemistries are helping to grow the world’s food, enabling new innovations in pharmaceutical delivery, enhancing foods and beverages, contributing to a more sustainable energy supply, facilitating the remediation of our environment, and advancing the manufacture of hundreds of essential products.
Analysis Results
Intrinsic Value $441.07
Latest Price $68.39
Relative Value 84% 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 17.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.5%, 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 1.57 1.47
2024 1.84 1.62
2025 2.16 1.79
2026 2.54 1.98
2027 2.99 2.18
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 67.2 billion. This corresponds to a present value of 46.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 9.04 billion. Adding in the terminal value gives a total present value of 55.0 billion.

There are presently 125.0 million outstanding shares, so the intrinsic value per share is 441.07.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 5,438,600,000
Current Cash 572,000,000
Current Liabilities 3,799,600,000
Current Debt 540,800,000
Non-Cash Working Capital (NCWC) 1,607,800,000
Change in NCWC 266,500,000
EBIT 1,237,400,000
Tax Provision 145,200,000
Depreciation and Amortization 169,400,000
Capital Expenditure -142,300,000
Unlevered Free Cash Flow 1,348,389,490
Current Assets 4,937,600,000
Current Cash 516,800,000
Current Liabilities 3,520,300,000
Current Debt 440,800,000
Non-Cash Working Capital (NCWC) 1,341,300,000
Change in NCWC 25,300,000
EBIT 1,152,900,000
Tax Provision 91,600,000
Depreciation and Amortization 170,900,000
Capital Expenditure -100,100,000
Unlevered Free Cash Flow 1,130,846,453
Current Assets 4,375,600,000
Current Cash 568,900,000
Current Liabilities 2,829,000,000
Current Debt 338,300,000
Non-Cash Working Capital (NCWC) 1,316,000,000
Change in NCWC 76,500,000
EBIT 1,034,400,000
Tax Provision 150,900,000
Depreciation and Amortization 162,700,000
Capital Expenditure -67,200,000
Unlevered Free Cash Flow 992,518,169
Current Assets 4,074,800,000
Current Cash 339,100,000
Current Liabilities 2,723,900,000
Current Debt 227,700,000
Non-Cash Working Capital (NCWC) 1,239,500,000
Change in NCWC -183,300,000
EBIT 992,600,000
Tax Provision 111,500,000
Depreciation and Amortization 150,100,000
Capital Expenditure -93,900,000
Unlevered Free Cash Flow 696,530,687
Current Assets 4,030,200,000
Current Cash 161,700,000
Current Liabilities 2,993,400,000
Current Debt 547,700,000
Non-Cash Working Capital (NCWC) 1,422,800,000
Change in NCWC 69,900,000
EBIT 922,400,000
Tax Provision 88,800,000
Depreciation and Amortization 168,200,000
Capital Expenditure -156,600,000
Unlevered Free Cash Flow 893,762,686
Current Assets 3,652,700,000
Current Cash 283,000,000
Current Liabilities 2,209,400,000
Current Debt 192,600,000
Non-Cash Working Capital (NCWC) 1,352,900,000
Change in NCWC -88,100,000
EBIT 324,700,000
Tax Provision 264,100,000
Depreciation and Amortization 113,000,000
Capital Expenditure -85,700,000
Unlevered Free Cash Flow -200,000
Current Assets 2,849,200,000
Current Cash 64,200,000
Current Liabilities 1,438,200,000
Current Debt 94,200,000
Non-Cash Working Capital (NCWC) 1,441,000,000
Change in NCWC -111,600,000
EBIT 492,500,000
Tax Provision 93,900,000
Depreciation and Amortization 137,100,000
Capital Expenditure -130,800,000
Unlevered Free Cash Flow 250,902,475
Current Assets 2,971,900,000
Current Cash 78,600,000
Current Liabilities 1,453,300,000
Current Debt 112,600,000
Non-Cash Working Capital (NCWC) 1,552,600,000
Change in NCWC 112,900,000
EBIT 171,900,000
Tax Provision 47,400,000
Depreciation and Amortization 115,700,000
Capital Expenditure -108,500,000
Unlevered Free Cash Flow 292,000,000
Current Assets 2,934,400,000
Current Cash 109,500,000
Current Liabilities 1,910,400,000
Current Debt 525,200,000
Non-Cash Working Capital (NCWC) 1,439,700,000
Change in NCWC -93,200,000
EBIT 580,900,000
Tax Provision 73,500,000
Depreciation and Amortization 131,200,000
Capital Expenditure -224,700,000
Unlevered Free Cash Flow 306,166,701
Current Assets 2,945,000,000
Current Cash 123,200,000
Current Liabilities 1,986,700,000
Current Debt 697,800,000
Non-Cash Working Capital (NCWC) 1,532,900,000
Change in NCWC 507,300,000
EBIT 699,800,000
Tax Provision 148,600,000
Depreciation and Amortization 127,200,000
Capital Expenditure -221,900,000
Unlevered Free Cash Flow 943,557,200
Current Assets 2,181,800,000
Current Cash 77,100,000
Current Liabilities 1,135,400,000
Current Debt 56,300,000
Non-Cash Working Capital (NCWC) 1,025,600,000
Change in NCWC 188,500,000
EBIT 690,200,000
Tax Provision 146,700,000
Depreciation and Amortization 137,800,000
Capital Expenditure -206,600,000
Unlevered Free Cash Flow 644,617,042

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