Discounted Cash Flow (DCF) Analysis Levered
KT Corporation (KT)
$14.39
+0.43 (+3.08%)
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 | 23,546,929 | 23,436,050.04 | 24,899,189.13 | 24,440,647.16 | 24,898,005.23 | 25,259,146.81 | 25,625,526.70 | 25,997,220.86 | 26,374,306.39 | 26,756,861.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,877,749 | 4,010,464.07 | 3,745,172.94 | 4,739,827.01 | 5,561,833.93 | 4,564,508.43 | 4,630,715.90 | 4,697,883.69 | 4,766,025.74 | 4,835,156.18 |
| 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 | 821,970.08 | 1,003,372.06 | -55,176.11 | 1,015,342.94 | 1,310,370.81 | 857,182.79 | 869,616.09 | 882,229.73 | 895,026.33 | 908,008.54 |
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 | 23,546,929 | 23,436,050.04 | 24,899,189.13 | 24,440,647.16 | 24,898,005.23 | 25,259,146.81 | 25,625,526.70 | 25,997,220.86 | 26,374,306.39 | 26,756,861.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,877,749 | 4,010,464.07 | 3,745,172.94 | 4,739,827.01 | 5,561,833.93 | 4,564,508.43 | 4,630,715.90 | 4,697,883.69 | 4,766,025.74 | 4,835,156.18 |
| 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 | 821,970.08 | 1,003,372.06 | -55,176.11 | 1,015,342.94 | 1,310,370.81 | 857,182.79 | 869,616.09 | 882,229.73 | 895,026.33 | 908,008.54 |
| WACC | ||||||||||
| PV LFCF | 839,223.41 | 833,558.06 | 827,930.97 | 822,341.86 | 816,790.48 | |||||
| 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 |