Discounted Cash Flow (DCF) Analysis Levered
Kratos Defense & Security Solutions... (KTOS)
$9.72
+0.20 (+2.10%)
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 | 751.90 | 618 | 717.50 | 747.70 | 811.50 | 833.89 | 856.89 | 880.53 | 904.81 | 929.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -27 | 10.40 | 30 | 46.60 | 30.80 | 20.52 | 21.08 | 21.66 | 22.26 | 22.87 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -26.50 | -22.60 | -26.30 | -35.90 | -46.50 | -35.65 | -36.64 | -37.65 | -38.69 | -39.75 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -53.50 | -12.20 | 3.70 | 10.70 | -15.70 | -15.14 | -15.56 | -15.99 | -16.43 | -16.88 |
Weighted Average Cost Of Capital
| Share price | $ 9.72 |
|---|---|
| Beta | 0.899 |
| Diluted Shares Outstanding | 118.70 |
| Cost of Debt | |
| Tax Rate | 145.45 |
| After-tax Cost of Debt | -3.17% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.773 |
| Total Debt | 339.50 |
| Total Equity | 1,153.76 |
| Total Capital | 1,493.26 |
| Debt Weighting | 22.74 |
| Equity Weighting | 77.26 |
| 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 | 751.90 | 618 | 717.50 | 747.70 | 811.50 | 833.89 | 856.89 | 880.53 | 904.81 | 929.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -27 | 10.40 | 30 | 46.60 | 30.80 | 20.52 | 21.08 | 21.66 | 22.26 | 22.87 |
| Capital Expenditure | -26.50 | -22.60 | -26.30 | -35.90 | -46.50 | -35.65 | -36.64 | -37.65 | -38.69 | -39.75 |
| Free Cash Flow | -53.50 | -12.20 | 3.70 | 10.70 | -15.70 | -15.14 | -15.56 | -15.99 | -16.43 | -16.88 |
| WACC | ||||||||||
| PV LFCF | -14.38 | -14.04 | -13.70 | -13.37 | -13.05 | |||||
| SUM PV LFCF | -68.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.28 |
| Free cash flow (t + 1) | -17.22 |
| Terminal Value | -524.92 |
| Present Value of Terminal Value | -405.85 |
Intrinsic Value
| Enterprise Value | -474.39 |
|---|---|
| Net Debt | -9.90 |
| Equity Value | -464.49 |
| Shares Outstanding | 118.70 |
| Equity Value Per Share | -3.91 |