Discounted Cash Flow (DCF) Analysis Levered
Graphic Packaging Holding Company (GPK)
$20.35
-0.04 (-0.20%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,403.70 | 6,023 | 6,160.10 | 6,559.90 | 7,156 | 8,133.24 | 9,243.93 | 10,506.30 | 11,941.06 | 13,571.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 516.20 | -373.80 | 665.80 | 824.70 | 609 | 608.47 | 691.56 | 786 | 893.34 | 1,015.34 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -260.10 | -395.20 | -352.90 | -646.30 | -802 | -638.56 | -725.77 | -824.88 | -937.53 | -1,065.56 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 256.10 | -769 | 312.90 | 178.40 | -193 | -30.10 | -34.21 | -38.88 | -44.19 | -50.22 |
Weighted Average Cost Of Capital
| Share price | $ 20.35 |
|---|---|
| Beta | 0.963 |
| Diluted Shares Outstanding | 308.30 |
| Cost of Debt | |
| Tax Rate | 29.41 |
| After-tax Cost of Debt | 1.43% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.330 |
| Total Debt | 6,060 |
| Total Equity | 6,273.90 |
| Total Capital | 12,333.91 |
| Debt Weighting | 49.13 |
| Equity Weighting | 50.87 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 4,403.70 | 6,023 | 6,160.10 | 6,559.90 | 7,156 | 8,133.24 | 9,243.93 | 10,506.30 | 11,941.06 | 13,571.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 516.20 | -373.80 | 665.80 | 824.70 | 609 | 608.47 | 691.56 | 786 | 893.34 | 1,015.34 |
| Capital Expenditure | -260.10 | -395.20 | -352.90 | -646.30 | -802 | -638.56 | -725.77 | -824.88 | -937.53 | -1,065.56 |
| Free Cash Flow | 256.10 | -769 | 312.90 | 178.40 | -193 | -30.10 | -34.21 | -38.88 | -44.19 | -50.22 |
| WACC | ||||||||||
| PV LFCF | -28.82 | -31.37 | -34.14 | -37.15 | -40.43 | |||||
| SUM PV LFCF | -171.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.43 |
| Free cash flow (t + 1) | -51.22 |
| Terminal Value | -2,108.02 |
| Present Value of Terminal Value | -1,697.26 |
Intrinsic Value
| Enterprise Value | -1,869.16 |
|---|---|
| Net Debt | 5,888 |
| Equity Value | -7,757.16 |
| Shares Outstanding | 308.30 |
| Equity Value Per Share | -25.16 |