Discounted Cash Flow (DCF) Analysis Levered
Scholastic Corporation (SCHL)
$43.87
+0.60 (+1.39%)
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 | 1,628.40 | 1,653.90 | 1,487.10 | 1,300.30 | 1,642.90 | 1,664.53 | 1,686.45 | 1,708.66 | 1,731.16 | 1,753.95 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 141.50 | 116.40 | 2.10 | 71 | 226 | 116.80 | 118.34 | 119.90 | 121.48 | 123.08 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -121.50 | -95 | -66 | -47.20 | -42 | -79.33 | -80.38 | -81.43 | -82.51 | -83.59 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 20 | 21.40 | -63.90 | 23.80 | 184 | 37.47 | 37.96 | 38.46 | 38.97 | 39.48 |
Weighted Average Cost Of Capital
Share price | $ 43.87 |
---|---|
Beta | 1.105 |
Diluted Shares Outstanding | 35.56 |
Cost of Debt | |
Tax Rate | 9.81 |
After-tax Cost of Debt | 2.70% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.904 |
Total Debt | 97.10 |
Total Equity | 1,560.19 |
Total Capital | 1,657.29 |
Debt Weighting | 5.86 |
Equity Weighting | 94.14 |
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 | 1,628.40 | 1,653.90 | 1,487.10 | 1,300.30 | 1,642.90 | 1,664.53 | 1,686.45 | 1,708.66 | 1,731.16 | 1,753.95 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 141.50 | 116.40 | 2.10 | 71 | 226 | 116.80 | 118.34 | 119.90 | 121.48 | 123.08 |
Capital Expenditure | -121.50 | -95 | -66 | -47.20 | -42 | -79.33 | -80.38 | -81.43 | -82.51 | -83.59 |
Free Cash Flow | 20 | 21.40 | -63.90 | 23.80 | 184 | 37.47 | 37.96 | 38.46 | 38.97 | 39.48 |
WACC | ||||||||||
PV LFCF | 34.52 | 32.22 | 30.08 | 28.08 | 26.21 | |||||
SUM PV LFCF | 151.11 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.54 |
Free cash flow (t + 1) | 40.27 |
Terminal Value | 615.78 |
Present Value of Terminal Value | 408.77 |
Intrinsic Value
Enterprise Value | 559.88 |
---|---|
Net Debt | -219.50 |
Equity Value | 779.38 |
Shares Outstanding | 35.56 |
Equity Value Per Share | 21.91 |