Discounted Cash Flow (DCF) Analysis Unlevered

KB Financial Group Inc. (KB)

$39.3

-0.24 (-0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,562,469.17 | 39.3 | 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 11,455,24212,531,646.9913,229,889.9315,050,933.8717,037,415.8818,823,425.5320,796,660.1922,976,746.4225,385,368.1928,046,482.57
Revenue (%)
EBITDA 8,361,2109,754,052.0510,951,905.0410,526,751.9911,094,761.9813,879,188.1515,334,124.9916,941,580.9218,717,544.3120,679,679.59
EBITDA (%)
EBIT 7,810,866.969,130,418.029,975,014.999,477,974.9210,088,074.0712,748,216.5114,084,595.1015,561,064.4717,192,310.1618,994,557.17
EBIT (%)
Depreciation 550,343.05623,634.03976,890.051,048,777.071,006,687.921,130,971.641,249,529.891,380,516.451,525,234.151,685,122.42
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 21,034,570.0221,461,705.0221,987,961.9788,537,562.9792,428,407.0862,186,521.9368,705,452.3175,907,753.5083,865,062.3492,656,525.29
Total Cash (%)
Account Receivables 8,051,823.966,448,206.957,472,384.9812,465,786.078,750,146.0711,761,188.9312,994,098.7214,356,252.8115,861,199.6917,523,908.16
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -410,262.05-578,433-942,292.96-607,721.04-478,308.92-834,436.24-921,909.08-1,018,551.59-1,125,324.99-1,243,291.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.3
Beta 0.761
Diluted Shares Outstanding 398.58
Cost of Debt
Tax Rate 27.49
After-tax Cost of Debt 2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.104
Total Debt 103,415,488
Total Equity 15,664.18
Total Capital 103,431,152.18
Debt Weighting 99.98
Equity Weighting 0.02
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 11,455,24212,531,646.9913,229,889.9315,050,933.8717,037,415.8818,823,425.5320,796,660.1922,976,746.4225,385,368.1928,046,482.57
EBITDA 8,361,2109,754,052.0510,951,905.0410,526,751.9911,094,761.9813,879,188.1515,334,124.9916,941,580.9218,717,544.3120,679,679.59
EBIT 7,810,866.969,130,418.029,975,014.999,477,974.9210,088,074.0712,748,216.5114,084,595.1015,561,064.4717,192,310.1618,994,557.17
Tax Rate 19.21%28.83%26.96%27.44%27.49%25.99%25.99%25.99%25.99%25.99%
EBIAT 6,310,452.736,497,674.197,286,201.146,877,439.197,314,481.809,435,436.4910,424,540.7511,517,331.4912,724,678.0414,058,589.11
Depreciation 550,343.05623,634.03976,890.051,048,777.071,006,687.921,130,971.641,249,529.891,380,516.451,525,234.151,685,122.42
Accounts Receivable -1,603,617.01-1,024,178.03-4,993,401.093,715,640-3,011,042.85-1,232,909.79-1,362,154.09-1,504,946.89-1,662,708.47
Inventories ----------
Accounts Payable ----------
Capital Expenditure -410,262-578,433-942,293-607,721-478,309-834,436.24-921,909.08-1,018,551.59-1,125,324.99-1,243,291.32
UFCF 6,450,533.738,146,492.226,296,620.202,325,094.1211,558,500.796,720,929.049,519,251.7710,517,142.2711,619,640.3112,837,711.75
WACC
PV UFCF 6,538,504.759,009,508.129,683,785.2710,408,525.7311,187,506.22
SUM PV UFCF 46,827,830.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.79
Free cash flow (t + 1) 13,094,465.98
Terminal Value 1,657,527,339.33
Present Value of Terminal Value 1,444,462,827.93

Intrinsic Value

Enterprise Value 1,491,290,658.02
Net Debt 71,363,324
Equity Value 1,419,927,334.02
Shares Outstanding 398.58
Equity Value Per Share 3,562,469.17