Discounted Cash Flow (DCF) Analysis Levered

Kimball International, Inc. (KBAL)

$6.73

+0.14 (+2.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.59 | 6.73 | overvalue

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 685.60768.07727.86569.01665.88669.20672.53675.88679.25682.63
Revenue (%)
Operating Cash Flow 46.8764.9729.8027.29-4.5731.4531.6131.7631.9232.08
Operating Cash Flow (%)
Capital Expenditure -22.30-20.97-21.08-19.53-21.19-20.74-20.84-20.94-21.05-21.15
Capital Expenditure (%)
Free Cash Flow 24.57448.727.76-25.7610.7110.7710.8210.8710.93

Weighted Average Cost Of Capital

Share price $ 6.73
Beta 0.860
Diluted Shares Outstanding 37.37
Cost of Debt
Tax Rate 9.79
After-tax Cost of Debt 1.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.675
Total Debt 86.33
Total Equity 251.51
Total Capital 337.84
Debt Weighting 25.55
Equity Weighting 74.45
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 685.60768.07727.86569.01665.88669.20672.53675.88679.25682.63
Operating Cash Flow 46.8764.9729.8027.29-4.5731.4531.6131.7631.9232.08
Capital Expenditure -22.30-20.97-21.08-19.53-21.19-20.74-20.84-20.94-21.05-21.15
Free Cash Flow 24.57448.727.76-25.7610.7110.7710.8210.8710.93
WACC
PV LFCF 10.109.569.068.588.12
SUM PV LFCF 45.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.11
Free cash flow (t + 1) 11.15
Terminal Value 271.22
Present Value of Terminal Value 201.62

Intrinsic Value

Enterprise Value 247.04
Net Debt 75.39
Equity Value 171.65
Shares Outstanding 37.37
Equity Value Per Share 4.59