Discounted Cash Flow (DCF) Analysis Levered

SunCoke Energy, Inc. (SXC)

$8.245

-0.01 (-0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 16.16 | 8.245 | undervalue

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 1,331.501,450.901,600.301,3331,4561,498.911,543.091,588.561,635.381,683.58
Revenue (%)
Operating Cash Flow 148.50185.80181.90157.80233.10189.38194.96200.71206.62212.71
Operating Cash Flow (%)
Capital Expenditure -75.60-100.30-110.10-73.90-98.60-95.29-98.10-100.99-103.97-107.03
Capital Expenditure (%)
Free Cash Flow 72.9085.5071.8083.90134.5094.0996.8699.72102.66105.68

Weighted Average Cost Of Capital

Share price $ 8.245
Beta 1.222
Diluted Shares Outstanding 83.70
Cost of Debt
Tax Rate 35.32
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.445
Total Debt 613.60
Total Equity 690.11
Total Capital 1,303.71
Debt Weighting 47.07
Equity Weighting 52.93
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 1,331.501,450.901,600.301,3331,4561,498.911,543.091,588.561,635.381,683.58
Operating Cash Flow 148.50185.80181.90157.80233.10189.38194.96200.71206.62212.71
Capital Expenditure -75.60-100.30-110.10-73.90-98.60-95.29-98.10-100.99-103.97-107.03
Free Cash Flow 72.9085.5071.8083.90134.5094.0996.8699.72102.66105.68
WACC
PV LFCF 87.8484.4381.157874.96
SUM PV LFCF 406.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.11
Free cash flow (t + 1) 107.80
Terminal Value 2,109.51
Present Value of Terminal Value 1,496.35

Intrinsic Value

Enterprise Value 1,902.73
Net Debt 549.80
Equity Value 1,352.93
Shares Outstanding 83.70
Equity Value Per Share 16.16