Discounted Cash Flow (DCF) Analysis Unlevered

Amcor plc (AMCR)

$12.43

-0.58 (-4.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.04 | 12.43 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 9,262.269,458.2012,467.5012,86112,86114,450.9816,237.5418,244.9620,500.5523,035
Revenue (%)
EBITDA 1,080.571,262.601,657.601,9271,9131,970.212,213.782,487.472,794.993,140.53
EBITDA (%)
EBIT 1,080.57809.601,0061,3531,9131,447.121,626.031,827.052,052.922,306.72
EBIT (%)
Depreciation -453651.605740523.09587.76660.42742.07833.81
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 617.01601.60742.608500739.53830.96933.691,049.121,178.82
Total Cash (%)
Account Receivables 1,198.351,864.301,615.901,86401,737.101,951.862,193.162,464.302,768.96
Account Receivables (%)
Inventories 1,350.511,953.801,831.901,99101,890.552,124.272,386.892,681.983,013.55
Inventories (%)
Accounts Payable 2,590.802,645.613,487.363,597.433,597.434,042.174,541.905,103.405,734.336,443.26
Accounts Payable (%)
Capital Expenditure -369.83-332.20-399.50-468-0-414.70-465.97-523.57-588.30-661.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.43
Beta 0.809
Diluted Shares Outstanding 1,556
Cost of Debt
Tax Rate 21.29
After-tax Cost of Debt 72,937,133.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.686
Total Debt 0
Total Equity 19,341.08
Total Capital 19,341.08
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 9,262.269,458.2012,467.5012,86112,86114,450.9816,237.5418,244.9620,500.5523,035
EBITDA 1,080.571,262.601,657.601,9271,9131,970.212,213.782,487.472,794.993,140.53
EBIT 1,080.57809.601,0061,3531,9131,447.121,626.031,827.052,052.922,306.72
Tax Rate 17.79%28.79%25.81%21.29%21.29%22.99%22.99%22.99%22.99%22.99%
EBIAT 888.31576.54746.331,064.931,505.711,114.361,252.131,406.931,580.861,776.30
Depreciation -453651.605740523.09587.76660.42742.07833.81
Accounts Receivable --665.95248.40-248.101,864-1,737.10-214.76-241.30-271.14-304.66
Inventories --603.29121.90-159.101,991-1,890.54-233.73-262.62-295.09-331.57
Accounts Payable -54.81841.75110.07-444.74499.73561.51630.93708.93
Capital Expenditure -369.83-332.20-399.50-468-0-414.70-465.97-523.57-588.30-661.03
UFCF 518.48-517.092,210.48873.805,360.70-1,960.151,425.171,601.361,799.332,021.78
WACC
PV UFCF -1,827.641,2391,298.071,359.951,424.78
SUM PV UFCF 3,494.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.25
Free cash flow (t + 1) 2,062.22
Terminal Value 39,280.29
Present Value of Terminal Value 27,681.41

Intrinsic Value

Enterprise Value 31,175.55
Net Debt -0
Equity Value 31,175.55
Shares Outstanding 1,556
Equity Value Per Share 20.04