Discounted Cash Flow (DCF) Analysis Levered

Ryerson Holding Corporation (RYI)

$27.26

+0.83 (+3.14%)
All numbers are in Millions, Currency in USD
Stock DCF: 104.83 | 27.26 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,408.404,501.603,466.605,675.306,485.667,411.728,470.029,679.4311,061.5212,640.96
Revenue (%)
Operating Cash Flow 57.40193.10277.9035230.64263.58301.21344.22393.37449.54
Operating Cash Flow (%)
Capital Expenditure -38.40-45.80-26-59.30-59.72-68.25-78-89.13-101.86-116.40
Capital Expenditure (%)
Free Cash Flow 19147.30251.90-24.30170.92195.33223.22255.09291.51333.14

Weighted Average Cost Of Capital

Share price $ 27.26
Beta 1.685
Diluted Shares Outstanding 39.09
Cost of Debt
Tax Rate 25.38
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.743
Total Debt 849
Total Equity 1,065.62
Total Capital 1,914.62
Debt Weighting 44.34
Equity Weighting 55.66
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,408.404,501.603,466.605,675.306,485.667,411.728,470.029,679.4311,061.5212,640.96
Operating Cash Flow 57.40193.10277.9035230.64263.58301.21344.22393.37449.54
Capital Expenditure -38.40-45.80-26-59.30-59.72-68.25-78-89.13-101.86-116.40
Free Cash Flow 19147.30251.90-24.30170.92195.33223.22255.09291.51333.14
WACC
PV LFCF 170.92180.91191.48202.67214.51227.04
SUM PV LFCF 1,016.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.97
Free cash flow (t + 1) 339.80
Terminal Value 5,691.77
Present Value of Terminal Value 3,879.11

Intrinsic Value

Enterprise Value 4,895.71
Net Debt 797.80
Equity Value 4,097.91
Shares Outstanding 39.09
Equity Value Per Share 104.83