Discounted Cash Flow (DCF) Analysis Levered

Kaman Corporation (KAMN)

$28.69

-1.47 (-4.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.40 | 28.69 | 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 1,805.911,875.42761.61784.46708.99598.81505.76427.16360.78304.72
Revenue (%)
Operating Cash Flow 79.88162.37-7.8016.4748.7025.1821.2717.9615.1712.81
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 52.25132.50-30.25-1.3131.1712.2310.338.737.376.23

Weighted Average Cost Of Capital

Share price $ 28.69
Beta 1.154
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 9.145
Total Debt 203.69
Total Equity 800.19
Total Capital 1,003.88
Debt Weighting 20.29
Equity Weighting 79.71
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 1,805.911,875.42761.61784.46708.99598.81505.76427.16360.78304.72
Operating Cash Flow 79.88162.37-7.8016.4748.7025.1821.2717.9615.1712.81
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 52.25132.50-30.25-1.3131.1712.2310.338.737.376.23
WACC
PV LFCF 11.288.786.845.334.15
SUM PV LFCF 36.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.46
Free cash flow (t + 1) 6.35
Terminal Value 98.30
Present Value of Terminal Value 65.49

Intrinsic Value

Enterprise Value 101.87
Net Debt 62.89
Equity Value 38.98
Shares Outstanding 27.89
Equity Value Per Share 1.40