Discounted Cash Flow (DCF) Analysis Levered
Kraton Corporation (KRA)
$46.49
+0.01 (+-%)
All numbers are in Millions, Currency in USD
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 | 1,960.36 | 2,011.68 | 1,804.44 | 1,563.15 | 1,970.13 | 1,994.66 | 2,019.49 | 2,044.63 | 2,070.08 | 2,095.85 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 255.44 | 246.58 | 234.94 | 151.33 | 171.22 | 226.11 | 228.93 | 231.78 | 234.66 | 237.59 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -122.59 | -111.10 | -112.67 | -85.97 | -101.21 | -114.32 | -115.75 | -117.19 | -118.65 | -120.12 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 132.85 | 135.48 | 122.27 | 65.36 | 70.01 | 111.79 | 113.18 | 114.59 | 116.02 | 117.46 |
Weighted Average Cost Of Capital
Share price | $ 46.49 |
---|---|
Beta | 2.089 |
Diluted Shares Outstanding | 32.64 |
Cost of Debt | |
Tax Rate | 20.86 |
After-tax Cost of Debt | 3.36% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 13.393 |
Total Debt | 986.01 |
Total Equity | 1,517.53 |
Total Capital | 2,503.53 |
Debt Weighting | 39.38 |
Equity Weighting | 60.62 |
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 | 1,960.36 | 2,011.68 | 1,804.44 | 1,563.15 | 1,970.13 | 1,994.66 | 2,019.49 | 2,044.63 | 2,070.08 | 2,095.85 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 255.44 | 246.58 | 234.94 | 151.33 | 171.22 | 226.11 | 228.93 | 231.78 | 234.66 | 237.59 |
Capital Expenditure | -122.59 | -111.10 | -112.67 | -85.97 | -101.21 | -114.32 | -115.75 | -117.19 | -118.65 | -120.12 |
Free Cash Flow | 132.85 | 135.48 | 122.27 | 65.36 | 70.01 | 111.79 | 113.18 | 114.59 | 116.02 | 117.46 |
WACC | ||||||||||
PV LFCF | 102.15 | 94.50 | 87.42 | 80.88 | 74.82 | |||||
SUM PV LFCF | 439.77 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.44 |
Free cash flow (t + 1) | 119.81 |
Terminal Value | 1,610.38 |
Present Value of Terminal Value | 1,025.76 |
Intrinsic Value
Enterprise Value | 1,465.53 |
---|---|
Net Debt | 855.49 |
Equity Value | 610.04 |
Shares Outstanding | 32.64 |
Equity Value Per Share | 18.69 |