Discounted Cash Flow (DCF) Analysis Levered

Koppers Holdings Inc. (KOP)

$28.94

-0.16 (-0.55%)

All numbers are in Millions, Currency in USD

Stock DCF: -21.72 | 28.94 | 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	1,710.20	1,772.80	1,669.10	1,678.60	1,980.50	2,061.53	2,145.87	2,233.67	2,325.05	2,420.18
Revenue (%)
Operating Cash Flow	78.30	115.30	127.10	103	102.30	123.69	128.75	134.01	139.50	145.20
Operating Cash Flow (%)
Capital Expenditure	-109.70	-37.20	-69.80	-125	-105.30	-104.97	-109.26	-113.73	-118.38	-123.23
Capital Expenditure (%)
Free Cash Flow	-31.40	78.10	57.30	-22	-3	18.72	19.49	20.28	21.11	21.98

Weighted Average Cost Of Capital

Share price	$ 28.94
Beta	1.823
Diluted Shares Outstanding	21.31
Cost of Debt
Tax Rate	33.54
After-tax Cost of Debt	3.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.265
Total Debt	904.50
Total Equity	616.80
Total Capital	1,521.30
Debt Weighting	59.46
Equity Weighting	40.54
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	1,710.20	1,772.80	1,669.10	1,678.60	1,980.50	2,061.53	2,145.87	2,233.67	2,325.05	2,420.18
Operating Cash Flow	78.30	115.30	127.10	103	102.30	123.69	128.75	134.01	139.50	145.20
Capital Expenditure	-109.70	-37.20	-69.80	-125	-105.30	-104.97	-109.26	-113.73	-118.38	-123.23
Free Cash Flow	-31.40	78.10	57.30	-22	-3	18.72	19.49	20.28	21.11	21.98
WACC
PV LFCF						15.31	14.90	14.51	14.12	13.75
SUM PV LFCF										83.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.93
Free cash flow (t + 1)	22.42
Terminal Value	454.69
Present Value of Terminal Value	325.25

Intrinsic Value

Enterprise Value	408.26
Net Debt	871.20
Equity Value	-462.94
Shares Outstanding	21.31
Equity Value Per Share	-21.72