Discounted Cash Flow (DCF) Analysis Levered

KT Corporation (KT)

$14.39

+0.43 (+3.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,259,754.70 | 14.39 | 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 23,546,92923,436,050.0424,899,189.1324,440,647.1624,898,005.2325,259,146.8125,625,526.7025,997,220.8626,374,306.3926,756,861.49
Revenue (%)
Operating Cash Flow 3,877,7494,010,464.073,745,172.944,739,827.015,561,833.934,564,508.434,630,715.904,697,883.694,766,025.744,835,156.18
Operating Cash Flow (%)
Capital Expenditure -3,055,778.93-3,007,092-3,800,349.04-3,724,484.07-4,251,463.12-3,707,325.65-3,761,099.81-3,815,653.96-3,870,999.41-3,927,147.64
Capital Expenditure (%)
Free Cash Flow 821,970.081,003,372.06-55,176.111,015,342.941,310,370.81857,182.79869,616.09882,229.73895,026.33908,008.54

Weighted Average Cost Of Capital

Share price $ 14.39
Beta 0.423
Diluted Shares Outstanding 471.37
Cost of Debt
Tax Rate 31.42
After-tax Cost of Debt 2.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.120
Total Debt 8,437,703
Total Equity 6,783.03
Total Capital 8,444,486.03
Debt Weighting 99.92
Equity Weighting 0.08
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 23,546,92923,436,050.0424,899,189.1324,440,647.1624,898,005.2325,259,146.8125,625,526.7025,997,220.8626,374,306.3926,756,861.49
Operating Cash Flow 3,877,7494,010,464.073,745,172.944,739,827.015,561,833.934,564,508.434,630,715.904,697,883.694,766,025.744,835,156.18
Capital Expenditure -3,055,778.93-3,007,092-3,800,349.04-3,724,484.07-4,251,463.12-3,707,325.65-3,761,099.81-3,815,653.96-3,870,999.41-3,927,147.64
Free Cash Flow 821,970.081,003,372.06-55,176.111,015,342.941,310,370.81857,182.79869,616.09882,229.73895,026.33908,008.54
WACC
PV LFCF 839,223.41833,558.06827,930.97822,341.86816,790.48
SUM PV LFCF 4,139,844.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.14
Free cash flow (t + 1) 926,168.71
Terminal Value 661,549,081.48
Present Value of Terminal Value 595,090,206.66

Intrinsic Value

Enterprise Value 599,230,051.44
Net Debt 5,418,111
Equity Value 593,811,940.44
Shares Outstanding 471.37
Equity Value Per Share 1,259,754.70