Discounted Cash Flow (DCF) Analysis Levered
MillerKnoll, Inc. (MLHR)
$38.66
+0.03 (+0.08%)
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 | 2,278.20 | 2,381.20 | 2,567.20 | 2,486.60 | 2,465.10 | 2,516.42 | 2,568.82 | 2,622.30 | 2,676.90 | 2,732.63 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 202.10 | 166.50 | 216.40 | 221.80 | 332.30 | 235 | 239.89 | 244.88 | 249.98 | 255.19 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -87.30 | -70.60 | -90.60 | -69 | -59.80 | -78.14 | -79.77 | -81.43 | -83.13 | -84.86 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 114.80 | 95.90 | 125.80 | 152.80 | 272.50 | 156.85 | 160.12 | 163.45 | 166.86 | 170.33 |
Weighted Average Cost Of Capital
Share price | $ 38.66 |
---|---|
Beta | 1.305 |
Diluted Shares Outstanding | 58.77 |
Cost of Debt | |
Tax Rate | 23.54 |
After-tax Cost of Debt | 2.24% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.683 |
Total Debt | 474 |
Total Equity | 2,272.12 |
Total Capital | 2,746.12 |
Debt Weighting | 17.26 |
Equity Weighting | 82.74 |
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 | 2,278.20 | 2,381.20 | 2,567.20 | 2,486.60 | 2,465.10 | 2,516.42 | 2,568.82 | 2,622.30 | 2,676.90 | 2,732.63 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 202.10 | 166.50 | 216.40 | 221.80 | 332.30 | 235 | 239.89 | 244.88 | 249.98 | 255.19 |
Capital Expenditure | -87.30 | -70.60 | -90.60 | -69 | -59.80 | -78.14 | -79.77 | -81.43 | -83.13 | -84.86 |
Free Cash Flow | 114.80 | 95.90 | 125.80 | 152.80 | 272.50 | 156.85 | 160.12 | 163.45 | 166.86 | 170.33 |
WACC | ||||||||||
PV LFCF | 133.49 | 125.71 | 118.38 | 111.48 | 104.98 | |||||
SUM PV LFCF | 643.93 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.40 |
Free cash flow (t + 1) | 173.74 |
Terminal Value | 2,714.64 |
Present Value of Terminal Value | 1,813.70 |
Intrinsic Value
Enterprise Value | 2,457.63 |
---|---|
Net Debt | 77.60 |
Equity Value | 2,380.03 |
Shares Outstanding | 58.77 |
Equity Value Per Share | 40.50 |