Vestas Wind Systems
 
Buylyst Valuation
$35
Market Price
$44.2
Upside
-19%
 

Target Price based on these Assumptions

Sustainable Free Cash Flow
$1,077 Million
Long-Term Discount Rate
5%

Sustainable Free Cash Flow Calculation

Historical Numbers

Cash Flow Items ($mn) Sustainable Level
Revenue 10,000
-

Cost of goods sold

-
-

R&D and Cost of labor

-
-

Selling, general, and administrative costs

Selling & Admin. Costs

-
-

Other

-
+

Depreciation and amortization

Depreciation 

-
=

Earnings before interest, taxes, depreciation and amortization (EBITDA)

EBITDA

1,700
-

Maintenance capital expenditure

Maintenance Cap-Ex

142
=

Unlevered cash flow

1,587
-

Increases in working capital

Increases in working cap.

0
-

Debt service charges

28
-

Cash taxes

311
=

Discretionary cash flow

1,219
POSSIBLY WIDENING THE MOAT:
-

Growth capital expenditure

Growth Cap-Ex

142
-

Cash spent on acquisitions

Acquisitions

-

Other

POSSIBLE SHENANIGANS:
-

Dividends

494
-

Share Buybacks

489
=

FREE CASH FLOW

1,077

* Click on the orange dot above to read additional notes on the items

Last 12 months ending 12/31/2018.

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