Discounted Cash Flow (DCF) Analysis Unlevered

Benesse Holdings, Inc. (BSEFY)

$14.04

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -11,137.21 | 14.04 | overvalue

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 434,439439,436448,594427,570431,943431,479.06431,015.62430,552.67430,090.23429,628.27
Revenue (%)
EBITDA 44,60835,99440,55830,72930,02135,931.1335,892.5335,853.9835,815.4735,777
EBITDA (%)
EBIT 24,48715,98020,56311,70411,07716,533.0816,515.3216,497.5816,479.8616,462.16
EBIT (%)
Depreciation 20,12120,01419,99519,02518,94419,398.0519,377.2119,356.4019,335.6119,314.84
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 157,805144,147155,411156,963144,781150,154.39149,993.12149,832.01149,671.08149,510.32
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 29,70330,94730,08331,53334,69831,060.9131,027.5530,994.2230,960.9330,927.68
Inventories (%)
Accounts Payable 17,03315,74815,80214,07916,24115,602.0415,585.2815,568.5415,551.8215,535.11
Accounts Payable (%)
Capital Expenditure -11,963-12,975-14,397-14,812-14,327-13,545.66-13,531.11-13,516.58-13,502.06-13,487.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.04
Beta 0.279
Diluted Shares Outstanding 96.37
Cost of Debt
Tax Rate 81.40
After-tax Cost of Debt 0.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.009
Total Debt 136,484
Total Equity 1,353.08
Total Capital 137,837.08
Debt Weighting 99.02
Equity Weighting 0.98
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 434,439439,436448,594427,570431,943431,479.06431,015.62430,552.67430,090.23429,628.27
EBITDA 44,60835,99440,55830,72930,02135,931.1335,892.5335,853.9835,815.4735,777
EBIT 24,48715,98020,56311,70411,07716,533.0816,515.3216,497.5816,479.8616,462.16
Tax Rate 40.27%59.43%61.25%52.39%81.40%58.95%58.95%58.95%58.95%58.95%
EBIAT 14,626.136,482.457,968.995,572.652,060.126,787.216,779.926,772.646,765.376,758.10
Depreciation 20,12120,01419,99519,02518,94419,398.0519,377.2119,356.4019,335.6119,314.84
Accounts Receivable ----------
Inventories --1,244864-1,450-3,1653,637.0933.3633.3333.2933.25
Accounts Payable --1,28554-1,7232,162-638.96-16.76-16.74-16.72-16.70
Capital Expenditure -11,963-12,975-14,397-14,812-14,327-13,545.66-13,531.11-13,516.58-13,502.06-13,487.56
UFCF 22,784.1310,992.4514,484.986,612.655,674.1215,637.7312,642.6312,629.0512,615.4812,601.93
WACC
PV UFCF 15,496.7112,415.6412,290.4612,166.5412,043.87
SUM PV UFCF 64,413.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 0.91
Free cash flow (t + 1) 12,853.97
Terminal Value -1,179,263.61
Present Value of Terminal Value -1,127,041.39

Intrinsic Value

Enterprise Value -1,062,628.18
Net Debt 10,698
Equity Value -1,073,326.18
Shares Outstanding 96.37
Equity Value Per Share -11,137.21