Discounted Cash Flow (DCF) Analysis Levered

Kaufman & Broad S.A. (KOF.PA)

25.95 €

+0.25 (+0.97%)
All numbers are in Millions, Currency in USD
Stock DCF: 94.96 | 25.95 | undervalue

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 1,390.801,558.231,472.151,163.051,281.801,268.111,254.571,241.171,227.911,214.80
Revenue (%)
Operating Cash Flow 106.86145.1587.44100.8292.2998.4297.3796.3395.3094.29
Operating Cash Flow (%)
Capital Expenditure -5.76-8.13-6.08-4.81-17.01-7.84-7.75-7.67-7.59-7.51
Capital Expenditure (%)
Free Cash Flow 101.10137.0281.3796.0175.2790.5989.6288.6687.7286.78

Weighted Average Cost Of Capital

Share price $ 25.95
Beta 0.976
Diluted Shares Outstanding 21.25
Cost of Debt
Tax Rate 49.12
After-tax Cost of Debt 1.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.447
Total Debt 168.59
Total Equity 551.32
Total Capital 719.91
Debt Weighting 23.42
Equity Weighting 76.58
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 1,390.801,558.231,472.151,163.051,281.801,268.111,254.571,241.171,227.911,214.80
Operating Cash Flow 106.86145.1587.44100.8292.2998.4297.3796.3395.3094.29
Capital Expenditure -5.76-8.13-6.08-4.81-17.01-7.84-7.75-7.67-7.59-7.51
Free Cash Flow 101.10137.0281.3796.0175.2790.5989.6288.6687.7286.78
WACC
PV LFCF 85.4179.6774.3269.3264.66
SUM PV LFCF 373.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.06
Free cash flow (t + 1) 88.51
Terminal Value 2,180.16
Present Value of Terminal Value 1,624.54

Intrinsic Value

Enterprise Value 1,997.92
Net Debt -19.51
Equity Value 2,017.43
Shares Outstanding 21.25
Equity Value Per Share 94.96