Discounted Cash Flow (DCF) Analysis Unlevered

Atkore Inc. (ATKR)

$86.95

+0.50 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 116.59 | 86.95 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,503.931,835.141,916.541,765.422,928.013,546.024,294.475,200.896,298.637,628.06
Revenue (%)
EBITDA 207.45273.94307.49331.33905.97670.02811.44982.701,190.121,441.31
EBITDA (%)
EBIT 152.72207.05235.14242.06812.90533.18645.72782.01947.071,146.96
EBIT (%)
Depreciation 54.7366.8972.3589.2793.07136.84165.72200.69243.05294.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 45.72126.66123.42284.47576.29370.04448.14542.73657.28796.02
Total Cash (%)
Account Receivables 224.43265.15315.35298.24524.93571.95692.67838.871,015.931,230.35
Account Receivables (%)
Inventories 200221.75226.09199.09285.99412.93500.08605.63733.46888.27
Inventories (%)
Accounts Payable 125.62156.53150.68142.60243.16291.67353.23427.79518.08627.43
Accounts Payable (%)
Capital Expenditure -25.12-38.50-34.86-33.77-64.47-68.81-83.33-100.92-122.22-148.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 86.95
Beta 2.275
Diluted Shares Outstanding 47.31
Cost of Debt
Tax Rate 24.63
After-tax Cost of Debt 3.10%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.498
Total Debt 800.41
Total Equity 4,113.26
Total Capital 4,913.66
Debt Weighting 16.29
Equity Weighting 83.71
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,503.931,835.141,916.541,765.422,928.013,546.024,294.475,200.896,298.637,628.06
EBITDA 207.45273.94307.49331.33905.97670.02811.44982.701,190.121,441.31
EBIT 152.72207.05235.14242.06812.90533.18645.72782.01947.071,146.96
Tax Rate 32.89%17.86%24.70%24.60%24.63%24.94%24.94%24.94%24.94%24.94%
EBIAT 102.49170.07177.06182.51612.65400.22484.69586.99710.89860.93
Depreciation 54.7366.8972.3589.2793.07136.84165.72200.69243.05294.35
Accounts Receivable --40.72-50.2117.11-226.68-47.02-120.72-146.20-177.06-214.43
Inventories --21.75-4.3427-86.89-126.94-87.16-105.55-127.83-154.81
Accounts Payable -30.91-5.84-8.08100.5648.5161.5674.5690.29109.35
Capital Expenditure -25.12-38.50-34.86-33.77-64.47-68.81-83.33-100.92-122.22-148.02
UFCF 132.09166.90154.16274.04428.23342.79420.76509.57617.13747.38
WACC
PV UFCF 304.32331.63356.56383.36412.17
SUM PV UFCF 1,788.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.64
Free cash flow (t + 1) 762.33
Terminal Value 7,164.75
Present Value of Terminal Value 3,951.28

Intrinsic Value

Enterprise Value 5,739.32
Net Debt 224.12
Equity Value 5,515.20
Shares Outstanding 47.31
Equity Value Per Share 116.59