Discounted Cash Flow (DCF) Analysis Unlevered

Hasbro, Inc. (HAS)

$61.14

+1.20 (+2.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 158.00 | 61.14 | 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 4,579.654,720.235,465.446,420.405,856.706,260.086,691.257,152.117,644.728,171.25
Revenue (%)
EBITDA 573.09962.461,172.301,663.701,221.101,265.991,353.181,446.381,5461,652.48
EBITDA (%)
EBIT 361.23696.09520.27755433642.37686.61733.90784.45838.48
EBIT (%)
Depreciation 211.86266.37652.03908.70788.10623.62666.57712.48761.55814.01
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 1,182.374,580.371,376.48983.40498.602,151.842,300.052,458.472,627.802,808.79
Total Cash (%)
Account Receivables 1,188.051,410.601,391.731,500.401,132.401,552.431,659.361,773.651,895.812,026.38
Account Receivables (%)
Inventories 443.38446.11395.63552.10676.80582.52622.64665.53711.36760.36
Inventories (%)
Accounts Payable 333.52343.93425.50580.20427.30484.37517.73553.39591.50632.24
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 $ 61.14
Beta 0.721
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 7.185
Total Debt 4,006.40
Total Equity 8,492.35
Total Capital 12,498.75
Debt Weighting 32.05
Equity Weighting 67.95
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 4,579.654,720.235,465.446,420.405,856.706,260.086,691.257,152.117,644.728,171.25
EBITDA 573.09962.461,172.301,663.701,221.101,265.991,353.181,446.381,5461,652.48
EBIT 361.23696.09520.27755433642.37686.61733.90784.45838.48
Tax Rate 18.48%12.41%30.91%26.33%22.18%22.06%22.06%22.06%22.06%22.06%
EBIAT 294.48609.69359.46556.23336.96500.65535.13571.99611.39653.50
Depreciation 211.86266.37652.03908.70788.10623.62666.57712.48761.55814.01
Accounts Receivable --222.5518.87-108.67368-420.03-106.92-114.29-122.16-130.57
Inventories --2.7250.47-156.47-124.7094.28-40.12-42.88-45.84-49
Accounts Payable -10.4181.57154.70-152.9057.0733.3635.6638.1140.74
Capital Expenditure -140.43-133.64-125.75-132.70-174.20-165.76-177.18-189.38-202.43-216.37
UFCF 365.91527.561,036.661,221.791,041.26689.82910.84973.581,040.631,112.31
WACC
PV UFCF 651.08811.41818.59825.84833.14
SUM PV UFCF 3,940.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.95
Free cash flow (t + 1) 1,134.55
Terminal Value 28,722.85
Present Value of Terminal Value 21,514.07

Intrinsic Value

Enterprise Value 25,454.14
Net Debt 3,507.80
Equity Value 21,946.34
Shares Outstanding 138.90
Equity Value Per Share 158.00