Discounted Cash Flow (DCF) Analysis Levered

Korea Electric Power Corporation (KEP)

$6.8

-0.05 (-0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: -66,396.85 | 6.8 | 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 59,335,88960,033,061.9658,568,081.7557,925,836.4760,574,999.3060,909,897.8761,246,647.9961,585,259.8861,925,743.8462,268,110.23
Revenue (%)
Operating Cash Flow 11,249,894.096,680,132.148,213,427.8913,208,472.834,473,185.059,050,937.349,100,976.899,151,293.109,201,887.499,252,761.60
Operating Cash Flow (%)
Capital Expenditure -12,679,845.10-12,377,457.03-14,229,784.90-13,401,664.76-12,781,633.78-13,463,511.03-13,537,946.21-13,612,792.91-13,688,053.41-13,763,730.01
Capital Expenditure (%)
Free Cash Flow -1,429,951.02-5,697,324.88-6,016,357-193,191.93-8,308,448.73-4,412,573.70-4,436,969.32-4,461,499.81-4,486,165.93-4,510,968.41

Weighted Average Cost Of Capital

Share price $ 6.8
Beta 0.660
Diluted Shares Outstanding 1,283.91
Cost of Debt
Tax Rate 24.95
After-tax Cost of Debt 3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.920
Total Debt -
Total Equity 8,730.60
Total Capital 8,730.60
Debt Weighting 0.00
Equity Weighting 100.00
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 59,335,88960,033,061.9658,568,081.7557,925,836.4760,574,999.3060,909,897.8761,246,647.9961,585,259.8861,925,743.8462,268,110.23
Operating Cash Flow 11,249,894.096,680,132.148,213,427.8913,208,472.834,473,185.059,050,937.349,100,976.899,151,293.109,201,887.499,252,761.60
Capital Expenditure -12,679,845.10-12,377,457.03-14,229,784.90-13,401,664.76-12,781,633.78-13,463,511.03-13,537,946.21-13,612,792.91-13,688,053.41-13,763,730.01
Free Cash Flow -1,429,951.02-5,697,324.88-6,016,357-193,191.93-8,308,448.73-4,412,573.70-4,436,969.32-4,461,499.81-4,486,165.93-4,510,968.41
WACC
PV LFCF -4,126,986.25-3,881,222.36-3,650,093.83-3,432,729.10-3,228,308.54
SUM PV LFCF -18,319,340.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.92
Free cash flow (t + 1) -4,601,187.78
Terminal Value -93,520,076.84
Present Value of Terminal Value -66,928,347.87

Intrinsic Value

Enterprise Value -85,247,687.96
Net Debt -
Equity Value -85,247,687.96
Shares Outstanding 1,283.91
Equity Value Per Share -66,396.85