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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of TechnipFMC plc (FTI)

Previous Close$7.58
Intrinsic Value$10.56
Upside potential  +39%
Previous Close
$7.58
Intrinsic Value
$10.56*
Potential        
+39%
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
3,416

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %-2.6NaN
Revenue, $6434NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m6400NaN
Operating income, $m34NaN
EBITDA, $m419NaN
Interest expense (income), $mNaN
Earnings before tax, $m124NaN
Tax expense, $m111NaN
Net income, $m13NaN

BALANCE SHEET

Cash and short-term investments, $m1645NaN
Total assets, $m10020NaN
Adjusted assets (=assets-cash), $m8375NaN
Average production assets, $m4296NaN
Working capital, $m1490NaN
Total debt, $m2830NaN
Total liabilities, $m6617NaN
Total equity, $m3403NaN
Debt-to-equity ratio0.832NaN
Adjusted equity ratio0.258NaN

CASH FLOW

Net income, $m13NaN
Depreciation, amort., depletion, $m385NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m781NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-87NaN
Free cash flow, $m868NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m1490
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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