Discounted Cash Flow (DCF) Analysis Unlevered

Kaman Corporation (KAMN)

$24.28

+0.39 (+1.63%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.61 | 24.28 | 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 1,805.911,875.42761.61784.46708.99598.81505.76427.16360.78304.72
Revenue (%)
EBITDA 157.43137.36237.03-14.30113.4573.4762.0552.4144.2637.38
EBITDA (%)
EBIT 114.9695.33211.17-58.2076.8051.0143.0836.3830.7325.95
EBIT (%)
Depreciation 42.4742.0325.8543.9036.6522.4618.9716.0213.5311.43
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 36.9027.71471.54104.38140.80118.0999.7484.2471.1560.09
Total Cash (%)
Account Receivables 316.34411.71278.11262.45185.88162.47137.22115.9097.8982.67
Account Receivables (%)
Inventories 367.44294.91156.35185.07193.10128.66108.6791.7877.5265.47
Inventories (%)
Accounts Payable 127.59158.6370.8860.2042.1346.0538.8932.8527.7423.43
Accounts Payable (%)
Capital Expenditure -27.63-29.87-22.45-17.78-17.53-12.95-10.93-9.23-7.80-6.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.28
Beta 0.981
Diluted Shares Outstanding 27.89
Cost of Debt
Tax Rate 27.82
After-tax Cost of Debt 5.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.149
Total Debt 203.69
Total Equity 677.19
Total Capital 880.89
Debt Weighting 23.12
Equity Weighting 76.88
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 1,805.911,875.42761.61784.46708.99598.81505.76427.16360.78304.72
EBITDA 157.43137.36237.03-14.30113.4573.4762.0552.4144.2637.38
EBIT 114.9695.33211.17-58.2076.8051.0143.0836.3830.7325.95
Tax Rate 47.21%28.00%-416.99%10.77%27.82%-60.64%-60.64%-60.64%-60.64%-60.64%
EBIAT 60.6968.641,091.73-51.9355.4381.9369.2058.4549.3641.69
Depreciation 42.4742.0325.8543.9036.6522.4618.9716.0213.5311.43
Accounts Receivable --95.37133.6015.6676.5723.4125.2521.3218.0115.21
Inventories -72.52138.56-28.72-8.0364.4419.9916.8914.2612.05
Accounts Payable -31.04-87.74-10.68-18.073.91-7.16-6.04-5.10-4.31
Capital Expenditure -27.63-29.87-22.45-17.78-17.53-12.95-10.93-9.23-7.80-6.59
UFCF 75.5388.991,279.55-49.56125.04183.21115.3297.4082.2769.48
WACC
PV UFCF 170.2799.6178.1961.3748.17
SUM PV UFCF 457.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.60
Free cash flow (t + 1) 70.87
Terminal Value 1,265.55
Present Value of Terminal Value 877.44

Intrinsic Value

Enterprise Value 1,335.05
Net Debt 62.89
Equity Value 1,272.15
Shares Outstanding 27.89
Equity Value Per Share 45.61