Discounted Cash Flow (DCF) Analysis Levered

Kaman Corporation (KAMN)

$20.42

+0.02 (+0.10%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.53 | 20.42 | overvalue

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	1,805.91	1,875.42	761.61	784.46	708.99	598.81	505.76	427.16	360.78	304.72
Revenue (%)
Operating Cash Flow	79.88	162.37	-7.80	16.47	48.70	25.18	21.27	17.96	15.17	12.81
Operating Cash Flow (%)
Capital Expenditure	-27.63	-29.87	-22.45	-17.78	-17.53	-12.95	-10.93	-9.23	-7.80	-6.59
Capital Expenditure (%)
Free Cash Flow	52.25	132.50	-30.25	-1.31	31.17	12.23	10.33	8.73	7.37	6.23

Weighted Average Cost Of Capital

Share price	$ 20.42
Beta	1.176
Diluted Shares Outstanding	27.89
Cost of Debt
Tax Rate	27.82
After-tax Cost of Debt	5.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.062
Total Debt	203.69
Total Equity	569.53
Total Capital	773.23
Debt Weighting	26.34
Equity Weighting	73.66
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	1,805.91	1,875.42	761.61	784.46	708.99	598.81	505.76	427.16	360.78	304.72
Operating Cash Flow	79.88	162.37	-7.80	16.47	48.70	25.18	21.27	17.96	15.17	12.81
Capital Expenditure	-27.63	-29.87	-22.45	-17.78	-17.53	-12.95	-10.93	-9.23	-7.80	-6.59
Free Cash Flow	52.25	132.50	-30.25	-1.31	31.17	12.23	10.33	8.73	7.37	6.23
WACC
PV LFCF						7.62	5.95	4.65	3.63	2.83
SUM PV LFCF										36.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.20
Free cash flow (t + 1)	6.35
Terminal Value	102.42
Present Value of Terminal Value	69.06

Intrinsic Value

Enterprise Value	105.66
Net Debt	62.89
Equity Value	42.77
Shares Outstanding	27.89
Equity Value Per Share	1.53