Discounted Cash Flow (DCF) Analysis Levered

Alexander & Baldwin, Inc. (ALEX)

$18.32

+0.07 (+0.38%)

All numbers are in Millions, Currency in USD

Stock DCF: -5.81 | 18.32 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	644.40	435.20	305.30	379.30	331.16	289.13	252.44	220.40	192.43	168.01
Revenue (%)
Operating Cash Flow	309.90	157.60	63.10	124.20	-0.90	79.48	69.39	60.59	52.90	46.18
Operating Cash Flow (%)
Capital Expenditure	-296.10	-255.10	-25.10	-53.50	-21.70	-77.17	-67.37	-58.82	-51.36	-44.84
Capital Expenditure (%)
Free Cash Flow	13.80	-97.50	38	70.70	-22.60	2.31	2.02	1.76	1.54	1.34

Weighted Average Cost Of Capital

Share price	$ 18.32
Beta	1.341
Diluted Shares Outstanding	72.80
Cost of Debt
Tax Rate	-6.40
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.965
Total Debt	477.10
Total Equity	1,333.70
Total Capital	1,810.80
Debt Weighting	26.35
Equity Weighting	73.65
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	644.40	435.20	305.30	379.30	331.16	289.13	252.44	220.40	192.43	168.01
Operating Cash Flow	309.90	157.60	63.10	124.20	-0.90	79.48	69.39	60.59	52.90	46.18
Capital Expenditure	-296.10	-255.10	-25.10	-53.50	-21.70	-77.17	-67.37	-58.82	-51.36	-44.84
Free Cash Flow	13.80	-97.50	38	70.70	-22.60	2.31	2.02	1.76	1.54	1.34
WACC
PV LFCF					-22.60	2.13	1.71	1.37	1.10	0.89
SUM PV LFCF										7.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.66
Free cash flow (t + 1)	1.37
Terminal Value	20.58
Present Value of Terminal Value	13.59

Intrinsic Value

Enterprise Value	20.79
Net Debt	443.80
Equity Value	-423.01
Shares Outstanding	72.80
Equity Value Per Share	-5.81