Discounted Cash Flow (DCF) Analysis Unlevered

Kimball International, Inc. (KBAL)

$8.25

-0.19 (-2.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.37 | 8.25 | 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 685.60768.07727.86569.01665.88669.20672.53675.88679.25682.63
Revenue (%)
EBITDA 68.0268.4273.7226.26-14.0142.1242.3342.5442.7542.96
EBITDA (%)
EBIT 52.5551.8456.215.06-31.5624.4724.6024.7224.8424.97
EBIT (%)
Depreciation 15.4716.5817.5121.1917.5517.6417.7317.8217.9118
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 87.27106.2797.0924.3410.9361.3361.6361.9462.2562.56
Total Cash (%)
Account Receivables 60.9863.1268.3758.7179.3065.2265.5565.8766.2066.53
Account Receivables (%)
Inventories 39.5146.8149.8654.2997.9757.5057.7958.0758.3658.65
Inventories (%)
Accounts Payable 48.2147.9240.2341.5470.9449.1949.4349.6849.9350.17
Accounts Payable (%)
Capital Expenditure -22.30-20.97-21.08-19.53-20.49-20.60-20.70-20.80-20.91-21.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.25
Beta 0.854
Diluted Shares Outstanding 37.37
Cost of Debt
Tax Rate 9.79
After-tax Cost of Debt 4.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.826
Total Debt -
Total Equity 308.32
Total Capital 308.32
Debt Weighting 0.00
Equity Weighting 100.00
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 685.60768.07727.86569.01665.88669.20672.53675.88679.25682.63
EBITDA 68.0268.4273.7226.26-14.0142.1242.3342.5442.7542.96
EBIT 52.5551.8456.215.06-31.5624.4724.6024.7224.8424.97
Tax Rate 34.18%23.86%26.86%-60.87%9.79%6.76%6.76%6.76%6.76%6.76%
EBIAT 34.5839.4841.118.14-28.4722.8222.9323.0523.1623.28
Depreciation 15.4716.5817.5121.1917.5517.6417.7317.8217.9118
Accounts Receivable --2.14-5.259.66-20.5914.08-0.33-0.33-0.33-0.33
Inventories --7.30-3.05-4.43-43.6840.47-0.29-0.29-0.29-0.29
Accounts Payable --0.30-7.691.3129.40-21.750.250.250.250.25
Capital Expenditure -22.30-20.97-21.08-19.53-20.49-20.60-20.70-20.80-20.91-21.01
UFCF 27.7625.3521.5716.34-66.2852.6619.6019.6919.7919.89
WACC
PV UFCF 49.3017.1716.1515.2014.30
SUM PV UFCF 112.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.83
Free cash flow (t + 1) 20.29
Terminal Value 420.06
Present Value of Terminal Value 301.89

Intrinsic Value

Enterprise Value 414
Net Debt -10.93
Equity Value 424.93
Shares Outstanding 37.37
Equity Value Per Share 11.37