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Intrinsic Value of Gentherm Incorporated (THRM)

Previous Close$27.41
Intrinsic Value$60.69
Upside potential  +121%
Previous Close
$27.41
Intrinsic Value
$60.69
Potential        
+121%

VALUATION INPUT DATA

Revenue, mln $Initial revenue growth rate, %Variable cost ratio, %Fixed operating exp., mln $Prod. assets / Revenue, %Working capital / Revenue, %Interest rate on debt, %Initial discount rate, %Shares outstanding, mlnAdjusted equity ratioAdjusted assets / RevenueCash & ST InvestmentsTotal debt

This valuation is based on fiscal year data as of 2024 and quarterly data as of 2024-12-31.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

INCOME STATEMENT

Revenue growth rate, %-75.1-71.1-67.3-63.7-60.2-57.0-53.9-50.9-48.1-45.5-43.0-40.6-38.3-36.1-34.1-32.1-30.3-28.5-26.8-25.2-23.7-22.3-20.9-19.6-18.4
Revenue, $912693110000000000000000000
Variable operating expenses, $m822483100000000000000000000
Fixed operating expenses, $m-76-83-90-98-106-115-125-135-147-159-173-187-203-221-239-260-282-306-332-360-390-424-459-499-541
Total operating expenses, $m6-59-82-95-105-115-125-135-147-159-173-187-203-221-239-260-282-306-332-360-390-424-459-499-541
Operating income, $m85859198106115125135147159173187203221239260282306332360390424459499541
EBITDA, $m138999599106115125135147159173187203221239260282306332360390424459499541
Interest expense (income), $m2-23-28-29-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30-30
Earnings before tax, $m84109119127136145155165177189203217233251269290312336362390420454490529571
Tax expense, $m23293234373942454851555963687378849198105114122132143154
Net income, $m6180879399106113121129138148159170183197211228245264285307331357386417

BALANCE SHEET

Cash and short-term investments, $m0000000000000000000000000
Total assets, $m330953111521000000000000000000
Adjusted assets (=assets-cash), $m330953111521000000000000000000
Average production assets, $m962893110000000000000000000
Working capital, $m461342100000000000000000000
Total debt, $m-587-704-736-746-750-751-751-752-752-752-752-752-752-752-752-752-752-752-752-752-752-752-752-752-752
Total liabilities, $m16548166210000000000000000000
Total equity, $m16548166210000000000000000000
Debt-to-equity ratio0.271-12.291-45.094-129.807-330.901-772.698-1678.310-3423.094-6602.643-12112.860-21236.757-35729.857-57894.014-90628.454-137447.409-202455.695-290276.993-405933.811-554682.742-741813.040-972420.106-1251167.954-1582055.795-1968203.519-2411669.241
Adjusted equity ratio0.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.5000.500

CASH FLOW

Net income, $m6180879399106113121129138148159170183197211228245264285307331357386417
Depreciation, amort., depletion, $m531341000000000000000000000
Funds from operations, $m114939194100106113121129138148159170183197211228245264285307331357386417
Change in working capital, $m-138-32-9-3-100000000000000000000
Cash from operations, $m2521259997101106113121129138148159170183197211228245264285307331357386417
Maintenance CAPEX, $m-53-13-4-1000000000000000000000
New CAPEX, $m0000000000000000000000000
Total CAPEX, $m-53-13-4-1000000000000000000000
Free cash flow, $m1991129696100106113121129138148159170183197211228245264285307331357386417
Issuance/(repurchase) of shares, $m0000000000000000000000000
Retained Cash Flow, $m5351173210311000000000000000000
Pot'l extraordinary dividend, $m-83
Cash available for distribution, $m544206121104103107113121129138148159170183197211228245264285307331357386417
Discount rate, %4.905.155.405.675.966.256.576.897.247.607.988.388.809.249.7010.1910.7011.2311.7912.3813.0013.6514.3315.0515.80
PV of cash for distribution, $m51818610483777473716966646057534945403632282420161311
Current shareholders' claim on cash, %100100100100100100100100100100100100100100100100100100100100100100100100100