Discounted Cash Flow (DCF) Analysis Levered

Benesse Holdings, Inc. (BSEFY)

$14

-0.04 (-0.28%)
All numbers are in Millions, Currency in USD
Stock DCF: -11,141.53 | 14 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 434,439439,436448,594427,570431,943431,479.06431,015.62430,552.67430,090.23429,628.27
Revenue (%)
Operating Cash Flow 26,44913,94841,97825,84324,46526,171.7326,143.6226,115.5426,087.4926,059.47
Operating Cash Flow (%)
Capital Expenditure -11,963-12,975-14,397-14,812-14,327-13,545.66-13,531.11-13,516.58-13,502.06-13,487.56
Capital Expenditure (%)
Free Cash Flow 14,48697327,58111,03110,13812,626.0712,612.5112,598.9712,585.4312,571.92

Weighted Average Cost Of Capital

Share price $ 14
Beta 0.279
Diluted Shares Outstanding 96.37
Cost of Debt
Tax Rate 81.40
After-tax Cost of Debt 0.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.021
Total Debt 136,484
Total Equity 1,349.22
Total Capital 137,833.22
Debt Weighting 99.02
Equity Weighting 0.98
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 434,439439,436448,594427,570431,943431,479.06431,015.62430,552.67430,090.23429,628.27
Operating Cash Flow 26,44913,94841,97825,84324,46526,171.7326,143.6226,115.5426,087.4926,059.47
Capital Expenditure -11,963-12,975-14,397-14,812-14,327-13,545.66-13,531.11-13,516.58-13,502.06-13,487.56
Free Cash Flow 14,48697327,58111,03110,13812,626.0712,612.5112,598.9712,585.4312,571.92
WACC
PV LFCF 12,512.2112,386.0612,261.1812,137.5612,015.18
SUM PV LFCF 61,312.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.91
Free cash flow (t + 1) 12,823.35
Terminal Value -1,176,454.50
Present Value of Terminal Value -1,124,356.68

Intrinsic Value

Enterprise Value -1,063,044.48
Net Debt 10,698
Equity Value -1,073,742.48
Shares Outstanding 96.37
Equity Value Per Share -11,141.53