Discounted Cash Flow (DCF) Analysis Levered

Graphic Packaging Holding Company (GPK)

$21.83

-0.01 (-0.05%)

All numbers are in Millions, Currency in USD

Stock DCF: -Infinity | 21.83 | overvalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	6,160.10	6,559.90	7,156	9,440	131	114.26	99.66	86.92	75.81	66.12
Revenue (%)
Operating Cash Flow	665.80	845.60	609	1,090	14.33	12.50	10.90	9.51	8.29	7.23
Operating Cash Flow (%)
Capital Expenditure	-352.90	-646.30	-802	-549	-10.68	-9.31	-8.12	-7.09	-6.18	-5.39
Capital Expenditure (%)
Free Cash Flow	312.90	199.30	-193	541	3.65	3.19	2.78	2.42	2.11	1.84

Weighted Average Cost Of Capital

Share price	$ 21.83
Beta	0.983
Diluted Shares Outstanding	-
Cost of Debt
Tax Rate	27.37
After-tax Cost of Debt	2.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.444
Total Debt	5,253
Total Equity	-
Total Capital	5,253
Debt Weighting	100.00
Equity Weighting	0.00
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	6,160.10	6,559.90	7,156	9,440	131	114.26	99.66	86.92	75.81	66.12
Operating Cash Flow	665.80	845.60	609	1,090	14.33	12.50	10.90	9.51	8.29	7.23
Capital Expenditure	-352.90	-646.30	-802	-549	-10.68	-9.31	-8.12	-7.09	-6.18	-5.39
Free Cash Flow	312.90	199.30	-193	541	3.65	3.19	2.78	2.42	2.11	1.84
WACC
PV LFCF						2.71	2.30	1.96	1.66	1.41
SUM PV LFCF										11.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.72
Free cash flow (t + 1)	1.88
Terminal Value	261.16
Present Value of Terminal Value	228.37

Intrinsic Value

Enterprise Value	239.85
Net Debt	5,103
Equity Value	-4,863.15
Shares Outstanding	-
Equity Value Per Share	-Infinity