Discounted Cash Flow (DCF) Analysis Unlevered

Beazer Homes USA, Inc. (BZH)

$11

-0.06 (-0.54%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 11 | 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 1,916.282,107.132,087.742,127.082,140.302,202.082,265.642,331.032,398.312,467.54
Revenue (%)
EBITDA 48.5262.92-101.9885.84157.5452.9854.5156.0857.7059.37
EBITDA (%)
EBIT 34.5149.11-116.7470.20143.5737.6538.7339.854142.18
EBIT (%)
Depreciation 14.0113.8114.7615.6413.9815.3315.7816.2316.7017.18
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 292.15139.81106.74327.69246.71237.50244.35251.41258.66266.13
Total Cash (%)
Account Receivables 36.4124.6531.3329.0735.6133.4834.4435.4436.4637.51
Account Receivables (%)
Inventories 1,542.811,692.281,504.251,350.741,501.601,614.281,660.871,708.811,758.131,808.88
Inventories (%)
Accounts Payable 103.48126.43131.15132.19133.39132.70136.53140.47144.52148.69
Accounts Payable (%)
Capital Expenditure -12.44-17.02-21.36-10.64-14.65-16.14-16.60-17.08-17.58-18.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11
Beta 1.995
Diluted Shares Outstanding 30.44
Cost of Debt
Tax Rate 15.10
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.243
Total Debt 1,068.18
Total Equity 334.81
Total Capital 1,402.99
Debt Weighting 76.14
Equity Weighting 23.86
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 1,916.282,107.132,087.742,127.082,140.302,202.082,265.642,331.032,398.312,467.54
EBITDA 48.5262.92-101.9885.84157.5452.9854.5156.0857.7059.37
EBIT 34.5149.11-116.7470.20143.5737.6538.7339.854142.18
Tax Rate 8.18%191.78%31.82%26.74%15.10%54.73%54.73%54.73%54.73%54.73%
EBIAT 31.68-45.07-79.5951.43121.8917.0417.5418.0418.5619.10
Depreciation 14.0113.8114.7615.6413.9815.3315.7816.2316.7017.18
Accounts Receivable -11.76-6.682.26-6.552.14-0.97-0.99-1.02-1.05
Inventories --149.48188.04153.51-150.86-112.68-46.59-47.94-49.32-50.75
Accounts Payable -22.954.721.041.20-0.703.833.944.054.17
Capital Expenditure -12.44-17.02-21.36-10.64-14.64-16.14-16.60-17.08-17.58-18.08
UFCF 33.25-163.0599.89213.24-34.99-94.99-27.02-27.80-28.60-29.43
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -30.02
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 821.47
Equity Value -
Shares Outstanding 30.44
Equity Value Per Share -