Discounted Cash Flow (DCF) Analysis Unlevered

Hasbro, Inc. (HAS)

$53.69

+1.33 (+2.54%)

All numbers are in Millions, Currency in USD

Stock DCF: 170.64 | 53.69 | 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	4,579.65	4,720.23	5,465.44	6,420.40	5,856.70	6,260.08	6,691.25	7,152.11	7,644.72	8,171.25
Revenue (%)
EBITDA	573.09	962.46	1,172.30	1,663.70	1,221.10	1,265.99	1,353.18	1,446.38	1,546	1,652.48
EBITDA (%)
EBIT	361.23	696.09	520.27	755	433	642.37	686.61	733.90	784.45	838.48
EBIT (%)
Depreciation	211.86	266.37	652.03	908.70	788.10	623.62	666.57	712.48	761.55	814.01
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	1,182.37	4,580.37	1,376.48	983.40	498.60	2,151.84	2,300.05	2,458.47	2,627.80	2,808.79
Total Cash (%)
Account Receivables	1,188.05	1,410.60	1,391.73	1,500.40	1,132.40	1,552.43	1,659.36	1,773.65	1,895.81	2,026.38
Account Receivables (%)
Inventories	443.38	446.11	395.63	552.10	676.80	582.52	622.64	665.53	711.36	760.36
Inventories (%)
Accounts Payable	333.52	343.93	425.50	580.20	427.30	484.37	517.73	553.39	591.50	632.24
Accounts Payable (%)
Capital Expenditure	-140.43	-133.64	-125.75	-132.70	-174.20	-165.76	-177.18	-189.38	-202.43	-216.37
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 53.69
Beta	0.739
Diluted Shares Outstanding	138.90
Cost of Debt
Tax Rate	22.18
After-tax Cost of Debt	3.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.982
Total Debt	4,006.40
Total Equity	7,457.54
Total Capital	11,463.94
Debt Weighting	34.95
Equity Weighting	65.05
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	4,579.65	4,720.23	5,465.44	6,420.40	5,856.70	6,260.08	6,691.25	7,152.11	7,644.72	8,171.25
EBITDA	573.09	962.46	1,172.30	1,663.70	1,221.10	1,265.99	1,353.18	1,446.38	1,546	1,652.48
EBIT	361.23	696.09	520.27	755	433	642.37	686.61	733.90	784.45	838.48
Tax Rate	18.48%	12.41%	30.91%	26.33%	22.18%	22.06%	22.06%	22.06%	22.06%	22.06%
EBIAT	294.48	609.69	359.46	556.23	336.96	500.65	535.13	571.99	611.39	653.50
Depreciation	211.86	266.37	652.03	908.70	788.10	623.62	666.57	712.48	761.55	814.01
Accounts Receivable	-	-222.55	18.87	-108.67	368	-420.03	-106.92	-114.29	-122.16	-130.57
Inventories	-	-2.72	50.47	-156.47	-124.70	94.28	-40.12	-42.88	-45.84	-49
Accounts Payable	-	10.41	81.57	154.70	-152.90	57.07	33.36	35.66	38.11	40.74
Capital Expenditure	-140.43	-133.64	-125.75	-132.70	-174.20	-165.76	-177.18	-189.38	-202.43	-216.37
UFCF	365.91	527.56	1,036.66	1,221.79	1,041.26	689.82	910.84	973.58	1,040.63	1,112.31
WACC
PV UFCF						652.62	815.25	824.41	833.68	843.04
SUM PV UFCF										3,969.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.70
Free cash flow (t + 1)	1,134.55
Terminal Value	30,663.58
Present Value of Terminal Value	23,240.63

Intrinsic Value

Enterprise Value	27,209.64
Net Debt	3,507.80
Equity Value	23,701.84
Shares Outstanding	138.90
Equity Value Per Share	170.64