Discounted Cash Flow (DCF) Analysis Levered
Rayonier Advanced Materials Inc. (RYAM)
$3.39
+0.08 (+2.42%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 2,134 | 1,775 | 1,739 | 1,408 | 1,717 | 1,648.58 | 1,582.89 | 1,519.82 | 1,459.26 | 1,401.11 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 247 | 42 | 124 | 232 | 69 | 137.05 | 131.59 | 126.35 | 121.31 | 116.48 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -132 | -103 | -77 | -95 | -138 | -102.87 | -98.77 | -94.84 | -91.06 | -87.43 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 115 | -61 | 47 | 137 | -69 | 34.18 | 32.82 | 31.51 | 30.25 | 29.05 |
Weighted Average Cost Of Capital
Share price | $ 3.39 |
---|---|
Beta | 3.199 |
Diluted Shares Outstanding | 63.91 |
Cost of Debt | |
Tax Rate | -4.17 |
After-tax Cost of Debt | 7.74% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 19.835 |
Total Debt | 853 |
Total Equity | 216.65 |
Total Capital | 1,069.65 |
Debt Weighting | 79.75 |
Equity Weighting | 20.25 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 2,134 | 1,775 | 1,739 | 1,408 | 1,717 | 1,648.58 | 1,582.89 | 1,519.82 | 1,459.26 | 1,401.11 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 247 | 42 | 124 | 232 | 69 | 137.05 | 131.59 | 126.35 | 121.31 | 116.48 |
Capital Expenditure | -132 | -103 | -77 | -95 | -138 | -102.87 | -98.77 | -94.84 | -91.06 | -87.43 |
Free Cash Flow | 115 | -61 | 47 | 137 | -69 | 34.18 | 32.82 | 31.51 | 30.25 | 29.05 |
WACC | ||||||||||
PV LFCF | 31.02 | 27.03 | 23.55 | 20.52 | 17.88 | |||||
SUM PV LFCF | 120 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.19 |
Free cash flow (t + 1) | 29.63 |
Terminal Value | 361.78 |
Present Value of Terminal Value | 222.71 |
Intrinsic Value
Enterprise Value | 342.71 |
---|---|
Net Debt | 701 |
Equity Value | -358.29 |
Shares Outstanding | 63.91 |
Equity Value Per Share | -5.61 |