DCF Studio

    DD · NYQ · Basic Materials

    DuPont de Nemours, Inc.

    Also onShortfallConsensus DriftCrosscheck

    Implied value per share

    USD 44.60

    Market price

    USD 141.30

    Implied upside

    -68.4%

    10-year forecast · Perpetuity growth terminal value · Mid-year discounting · Base case · Price 2026-11-02 · Accounts to 2025-12-31

    AdjustedCapital expenditure runs at 12.7% of revenue against depreciation of 9.1%. A perpetuity has to be a steady state, so the forecast tapers capex to maintenance at depreciation plus the reinvestment terminal growth requires (g/ROIC of NOPAT), and the terminal year carries on from there. The bridge is shown under Terminal Value.

    Value Per Share

    Perpetuity growth
    USD 44.60-68.4%
    Exit multiple
    USD 104.75-25.9%
    Market price
    USD 141.30

    Same forecast, different terminal treatment. Percentages vs price.

    Forecast Cashflows

    Reporting currency (USD). Outflows negative.

    0m330m660mFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35
    Nominal FCFFDiscounted to todayUSD
    LineFY26FY27FY28FY29FY30FY31FY32FY33FY34FY35CAGR
    RevenueUSD 7.2bnUSD 7.4bnUSD 7.7bnUSD 8.0bnUSD 8.3bnUSD 8.6bnUSD 8.8bnUSD 9.1bnUSD 9.3bnUSD 9.5bn+3.2%
    EBITUSD 925.0mUSD 961.7mUSD 998.1mUSD 1.0bnUSD 1.1bnUSD 1.1bnUSD 1.1bnUSD 1.2bnUSD 1.2bnUSD 1.2bn+3.2%
    NOPATUSD 730.7mUSD 759.8mUSD 788.5mUSD 816.9mUSD 844.9mUSD 872.2mUSD 898.8mUSD 924.6mUSD 949.4mUSD 973.1m+3.2%
    Add depreciation & amortisationUSD 651.8mUSD 677.7mUSD 703.3mUSD 728.7mUSD 753.6mUSD 778.0mUSD 801.7mUSD 824.7mUSD 846.8mUSD 868.0m+3.2%
    Less capital expenditureUSD -912.6mUSD -942.9mUSD -972.4mUSD -1.0bnUSD -1.0bnUSD -1.1bnUSD -1.1bnUSD -1.1bnUSD -1.1bnUSD -1.1bn+2.6%
    Capex, % of revenue12.7%12.7%12.6%12.5%12.4%12.3%12.3%12.2%12.1%12.0%-
    Less increase in working capitalUSD -46.9mUSD -42.2mUSD -41.8mUSD -41.3mUSD -40.6mUSD -39.7mUSD -38.7mUSD -37.5mUSD -36.1mUSD -34.5m-3.4%
    Free cashflow to firmUSD 423.0mUSD 452.4mUSD 477.6mUSD 503.3mUSD 529.2mUSD 555.4mUSD 581.6mUSD 607.9mUSD 634.0mUSD 660.0m+5.1%
    Discount factor0.95900.88200.81120.74610.68610.63110.58040.53380.49090.4515-
    Present valueUSD 405.7mUSD 399.0mUSD 387.4mUSD 375.5mUSD 363.1mUSD 350.5mUSD 337.6mUSD 324.5mUSD 311.3mUSD 298.0m-
    Present Value Of The ForecastUSD 3.6bn

    Discount Rate

    Source shown per component. All overridable above.

    Risk-free rate4.89%US 10-year Treasury (^TNX), 2026-11-02
    Equity risk premium4.23%Damodaran, January 2026
    Beta1.064Reported 1.095, pulled toward 1.0 (Blume)
    Cost of equity9.39%Risk-free + beta x equity risk premium
    Cost of debt6.04%Interest expense / average total debt
    Market capitalisationUSD 19.1bn85.7% of capital
    Total debtUSD 3.2bn14.3% of capital, book value as a proxy
    Tax rate21.0%Effective, capped at statutory
    WACC8.73%E/V x Re + D/V x Rd x (1 - t)

    Terminal Value

    Perpetuity growth is intrinsic. The exit multiple defaults to the company's current EV/EBITDA, so it answers a different question - what the shares are worth if today's rating holds and EBITDA grows as forecast.

    Perpetuity growth at 2.50%

    Value per shareUSD 44.60

    59% of EV

    Forecast FCFF, final year
    USD 660.0m
    Capex at depreciation, working capital in reinvestment
    USD 973.1m
    Less reinvestment at g/ROIC (28.6% of NOPAT)
    USD -278.7m
    Capitalised
    USD 694.5m
    ROIC (WACC floor)
    8.7%
    Terminal value, undiscounted
    USD 11.4bn
    Terminal value, discounted
    USD 5.2bn
    Enterprise value
    USD 8.7bn
    Less net debt
    USD 2.5bn
    Equity value
    USD 6.2bn

    Exit at 14.3x EBITDA

    Value per shareUSD 104.75

    79% of EV

    Terminal value, undiscounted
    USD 30.0bn
    Terminal value, discounted
    USD 13.6bn
    Enterprise value
    USD 17.1bn
    Less net debt
    USD 2.5bn
    Equity value
    USD 14.6bn

    Spread between methods: 81%.

    Sensitivity

    Value per share (USD) by discount rate and long-run growth.

    Long-run growth
    Discount rate1.50%2.00%2.50%3.00%3.50%
    6.73%67.9366.6765.4064.1462.87
    7.73%55.7054.6653.6252.5751.53
    8.73%46.3445.4744.6043.7342.85
    9.73%38.9738.2337.4936.7536.01
    10.73%33.0332.3931.7531.1130.48

    Outlined: this model. Green text: above today's price of 141.30. Shading: distance from this model's own value.

    Priced In

    What each input would have to be to justify the current price, one at a time.

    InputActualModelImplied
    Revenue growth, a year-19.3%3.4%15.6%
    EBIT margin15.5%12.9%30.2%
    Discount rate-8.7%3.7%
    Download as Excel

    Live formulas, not pasted numbers - edit a driver and the workbook reprices.

    Yahoo Finance and RBA data. General information, not advice. Methodology.