Discounted Cash Flow (DCF) Analysis Unlevered

Keppel Corporation Limited (BN4.SI)

$7.53

+0.03 (+0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.54 | 7.53 | overvalue

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 5,963.775,964.787,579.706,574.348,624.719,595.3110,675.1411,876.4913,213.0314,699.99
Revenue (%)
EBITDA 916.661,609.431,587.47453.142,010.031,794.221,996.132,220.772,470.692,748.73
EBITDA (%)
EBIT 704.281,427.041,212.1839.641,603.631,361.051,514.211,684.621,874.202,085.12
EBIT (%)
Depreciation 212.38182.39375.29413.51406.40433.17481.92536.15596.49663.61
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 2,308.911,957.641,725.522,279.413,352.483,2213,583.493,986.764,435.424,934.57
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 8,782.255,514.015,542.754,959.434,603.988,475.479,429.2710,490.4211,670.9812,984.39
Inventories (%)
Accounts Payable 579.37486.28854.89746.99763.23947.201,053.801,172.391,304.331,451.11
Accounts Payable (%)
Capital Expenditure -392.99-248.99-500.70-484.45-538.37-594.54-661.45-735.88-818.70-910.83
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.53
Beta 0.780
Diluted Shares Outstanding 1,827.66
Cost of Debt
Tax Rate 23.14
After-tax Cost of Debt 1.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.418
Total Debt 12,016.94
Total Equity 13,762.32
Total Capital 25,779.26
Debt Weighting 46.61
Equity Weighting 53.39
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 5,963.775,964.787,579.706,574.348,624.719,595.3110,675.1411,876.4913,213.0314,699.99
EBITDA 916.661,609.431,587.47453.142,010.031,794.221,996.132,220.772,470.692,748.73
EBIT 704.281,427.041,212.1839.641,603.631,361.051,514.211,684.621,874.202,085.12
Tax Rate 57.97%23.88%25.85%-98.62%23.14%6.45%6.45%6.45%6.45%6.45%
EBIAT 295.971,086.29898.8078.731,232.521,273.321,416.621,576.041,753.401,950.73
Depreciation 212.38182.39375.29413.51406.40433.17481.92536.15596.49663.61
Accounts Receivable ----------
Inventories -3,268.25-28.75583.33355.44-3,871.49-953.80-1,061.14-1,180.56-1,313.42
Accounts Payable --93.09368.61-107.9016.24183.97106.60118.59131.94146.79
Capital Expenditure -392.99-248.99-500.70-484.45-538.37-594.54-661.45-735.88-818.70-910.83
UFCF 115.364,194.841,113.26483.211,472.23-2,575.56389.88433.76482.57536.88
WACC
PV UFCF -2,459.71355.59377.82401.43426.51
SUM PV UFCF -898.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.71
Free cash flow (t + 1) 547.61
Terminal Value 20,207.15
Present Value of Terminal Value 16,053.30

Intrinsic Value

Enterprise Value 15,154.94
Net Debt 8,691.56
Equity Value 6,463.38
Shares Outstanding 1,827.66
Equity Value Per Share 3.54