Discounted Cash Flow (DCF) Analysis Levered
Kimberly-Clark Corporation (KMB)
$134.69
-0.03 (-0.02%)
All numbers are in Millions, Currency in USD
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 | 18,486 | 18,450 | 19,140 | 19,440 | 20,175 | 20,623.56 | 21,082.09 | 21,550.82 | 22,029.96 | 22,519.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,970 | 2,736 | 3,729 | 2,730 | 2,733 | 3,215.95 | 3,287.45 | 3,360.54 | 3,435.26 | 3,511.64 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -877 | -1,209 | -1,217 | -1,007 | -876 | -1,120.99 | -1,145.91 | -1,171.39 | -1,197.44 | -1,224.06 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2,093 | 1,527 | 2,512 | 1,723 | 1,857 | 2,094.96 | 2,141.54 | 2,189.15 | 2,237.83 | 2,287.58 |
Weighted Average Cost Of Capital
| Share price | $ 134.69 |
|---|---|
| Beta | 0.421 |
| Diluted Shares Outstanding | 342.50 |
| Cost of Debt | |
| Tax Rate | 17.35 |
| After-tax Cost of Debt | 2.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.739 |
| Total Debt | 8,422 |
| Total Equity | 46,131.32 |
| Total Capital | 54,553.32 |
| Debt Weighting | 15.44 |
| Equity Weighting | 84.56 |
| 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 | 18,486 | 18,450 | 19,140 | 19,440 | 20,175 | 20,623.56 | 21,082.09 | 21,550.82 | 22,029.96 | 22,519.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,970 | 2,736 | 3,729 | 2,730 | 2,733 | 3,215.95 | 3,287.45 | 3,360.54 | 3,435.26 | 3,511.64 |
| Capital Expenditure | -877 | -1,209 | -1,217 | -1,007 | -876 | -1,120.99 | -1,145.91 | -1,171.39 | -1,197.44 | -1,224.06 |
| Free Cash Flow | 2,093 | 1,527 | 2,512 | 1,723 | 1,857 | 2,094.96 | 2,141.54 | 2,189.15 | 2,237.83 | 2,287.58 |
| WACC | ||||||||||
| PV LFCF | 1,989.89 | 1,932.12 | 1,876.02 | 1,821.56 | 1,768.67 | |||||
| SUM PV LFCF | 9,388.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.28 |
| Free cash flow (t + 1) | 2,333.33 |
| Terminal Value | 71,138.15 |
| Present Value of Terminal Value | 55,001.33 |
Intrinsic Value
| Enterprise Value | 64,389.59 |
|---|---|
| Net Debt | 7,995 |
| Equity Value | 56,394.59 |
| Shares Outstanding | 342.50 |
| Equity Value Per Share | 164.66 |