Discounted Cash Flow (DCF) Analysis Levered

Turning Point Brands, Inc. (TPB)

$22.68

-0.12 (-0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.33 | 22.68 | undervalue

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 332.68361.99405.11445.47415.01439.75465.97493.75523.19554.38
Revenue (%)
Operating Cash Flow 13.0937.7943.6868.2230.2742.0144.5147.1749.9852.96
Operating Cash Flow (%)
Capital Expenditure -2.27-4.82-6.14-6.16-7.68-5.95-6.30-6.68-7.07-7.49
Capital Expenditure (%)
Free Cash Flow 10.8232.9837.5462.0622.5936.0638.2140.4942.9145.47

Weighted Average Cost Of Capital

Share price $ 22.68
Beta 0.484
Diluted Shares Outstanding 18.06
Cost of Debt
Tax Rate 27.27
After-tax Cost of Debt 3.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.569
Total Debt 417.35
Total Equity 409.49
Total Capital 826.84
Debt Weighting 50.48
Equity Weighting 49.52
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 332.68361.99405.11445.47415.01439.75465.97493.75523.19554.38
Operating Cash Flow 13.0937.7943.6868.2230.2742.0144.5147.1749.9852.96
Capital Expenditure -2.27-4.82-6.14-6.16-7.68-5.95-6.30-6.68-7.07-7.49
Free Cash Flow 10.8232.9837.5462.0622.5936.0638.2140.4942.9145.47
WACC
PV LFCF 34.3634.6835.0135.3435.67
SUM PV LFCF 175.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.97
Free cash flow (t + 1) 46.37
Terminal Value 1,561.44
Present Value of Terminal Value 1,225.18

Intrinsic Value

Enterprise Value 1,400.24
Net Debt 310.95
Equity Value 1,089.29
Shares Outstanding 18.06
Equity Value Per Share 60.33