Discounted Cash Flow (DCF) Analysis Levered

Hasbro, Inc. (HAS)

$50.17

+1.13 (+2.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 125.83 | 50.17 | undervalue

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	4,579.65	4,720.23	5,465.44	6,420.40	5,856.70	6,260.08	6,691.25	7,152.11	7,644.72	8,171.25
Revenue (%)
Operating Cash Flow	646	653.06	976.34	817.90	372.90	812.70	868.67	928.50	992.46	1,060.81
Operating Cash Flow (%)
Capital Expenditure	-140.43	-133.64	-125.75	-132.70	-174.20	-165.76	-177.18	-189.38	-202.43	-216.37
Capital Expenditure (%)
Free Cash Flow	505.57	519.43	850.59	685.20	198.70	646.94	691.50	739.12	790.03	844.44

Weighted Average Cost Of Capital

Share price	$ 50.17
Beta	0.739
Diluted Shares Outstanding	138.90
Cost of Debt
Tax Rate	22.18
After-tax Cost of Debt	3.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.016
Total Debt	4,006.40
Total Equity	6,968.61
Total Capital	10,975.01
Debt Weighting	36.50
Equity Weighting	63.50
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	4,579.65	4,720.23	5,465.44	6,420.40	5,856.70	6,260.08	6,691.25	7,152.11	7,644.72	8,171.25
Operating Cash Flow	646	653.06	976.34	817.90	372.90	812.70	868.67	928.50	992.46	1,060.81
Capital Expenditure	-140.43	-133.64	-125.75	-132.70	-174.20	-165.76	-177.18	-189.38	-202.43	-216.37
Free Cash Flow	505.57	519.43	850.59	685.20	198.70	646.94	691.50	739.12	790.03	844.44
WACC
PV LFCF						612.22	619.28	626.41	633.63	640.93
SUM PV LFCF										3,132.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.67
Free cash flow (t + 1)	861.33
Terminal Value	23,469.58
Present Value of Terminal Value	17,813.40

Intrinsic Value

Enterprise Value	20,945.88
Net Debt	3,468.20
Equity Value	17,477.68
Shares Outstanding	138.90
Equity Value Per Share	125.83