Discounted Cash Flow (DCF) Analysis Unlevered

Adient plc (ADNT)

$29.08

-1.64 (-5.34%)
All numbers are in Millions, Currency in USD
Stock DCF: -378.84 | 29.08 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 17,43916,52612,67013,68012,740.7911,866.0611,051.3910,292.649,5868,927.86
Revenue (%)
EBITDA -908356581,943369.75344.37320.72298.70278.20259.10
EBITDA (%)
EBIT -1,35538-2741,61366.5261.9557.7053.7450.0546.61
EBIT (%)
Depreciation 447318332330303.23282.42263.03244.97228.15212.49
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 2,0942,3231,6921,5218921,365.501,271.751,184.441,103.121,027.39
Total Cash (%)
Account Receivables 2,0911,9051,6411,4261,7611,440.901,341.981,249.841,164.031,084.11
Account Receivables (%)
Inventories 824793685976953701.15653.01608.18566.43527.54
Inventories (%)
Accounts Payable 3,1012,7092,1792,1302,6972,091.061,947.491,813.791,689.261,573.28
Accounts Payable (%)
Capital Expenditure -536-468-326-260-330.59-307.90-286.76-267.07-248.73-231.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.08
Beta 2.684
Diluted Shares Outstanding 95.70
Cost of Debt
Tax Rate 23.00
After-tax Cost of Debt 3.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.367
Total Debt 2,727
Total Equity 2,782.96
Total Capital 5,509.96
Debt Weighting 49.49
Equity Weighting 50.51
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 17,43916,52612,67013,68012,740.7911,866.0611,051.3910,292.649,5868,927.86
EBITDA -908356581,943369.75344.37320.72298.70278.20259.10
EBIT -1,35538-2741,61366.5261.9557.7053.7450.0546.61
Tax Rate -50.31%24,650.00%-27.51%23.00%6,148.80%6,148.80%6,148.80%6,148.80%6,148.80%6,148.80%
EBIAT -2,036.73-9,328.97-349.371,241.98-4,023.54-3,747.30-3,490.03-3,250.41-3,027.26-2,819.42
Depreciation 447318332330303.23282.42263.03244.97228.15212.49
Accounts Receivable -186264215-335320.1098.9392.1385.8179.92
Inventories -31108-29123251.8548.1444.8341.7638.89
Accounts Payable --392-530-49567-605.94-143.56-133.71-124.53-115.98
Capital Expenditure -536-468-326-260-330.59-307.90-286.76-267.07-248.73-231.66
UFCF -2,125.73-9,653.97-501.371,186.98-3,795.90-3,806.78-3,510.26-3,269.26-3,044.80-2,835.76
WACC
PV UFCF -3,795.90-3,455.37-2,892.09-2,444.89-2,066.84-1,747.24
SUM PV UFCF -12,606.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.17
Free cash flow (t + 1) -2,892.48
Terminal Value -35,403.61
Present Value of Terminal Value -21,813.77

Intrinsic Value

Enterprise Value -34,420.20
Net Debt 1,835
Equity Value -36,255.20
Shares Outstanding 95.70
Equity Value Per Share -378.84