Discounted Cash Flow (DCF) Analysis Unlevered

KBC Group NV (KBC.BR)

52.48 €

-0.50 (-0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: 167.21 | 52.48 | 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 7,7267,4407,6017,1487,4827,429.167,376.697,324.607,272.877,221.51
Revenue (%)
EBITDA 6,2246,1786,1604,2295,7645,658.655,618.695,5795,539.605,500.48
EBITDA (%)
EBIT 5,8845,7645,7423,6435,2875,212.345,175.525,138.975,102.685,066.64
EBIT (%)
Depreciation 340414418586477446.31443.16440.03436.92433.84
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 29,90118,7008,36824,59440,66324,308.1924,136.5223,966.0623,796.8123,628.75
Total Cash (%)
Account Receivables 4,0324,2411,9311,7272,1422,784.212,764.552,745.022,725.642,706.39
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -999-928-1,184-1,003-930-1,002.08-995-987.97-981-974.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 52.48
Beta 1.407
Diluted Shares Outstanding 416
Cost of Debt
Tax Rate 23.52
After-tax Cost of Debt 7.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.466
Total Debt 20,090
Total Equity 21,831.68
Total Capital 41,921.68
Debt Weighting 47.92
Equity Weighting 52.08
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 7,7267,4407,6017,1487,4827,429.167,376.697,324.607,272.877,221.51
EBITDA 6,2246,1786,1604,2295,7645,658.655,618.695,5795,539.605,500.48
EBIT 5,8845,7645,7423,6435,2875,212.345,175.525,138.975,102.685,066.64
Tax Rate 29.78%22.36%20.12%22.04%23.52%23.56%23.56%23.56%23.56%23.56%
EBIAT 4,131.804,475.374,586.602,840.244,043.363,984.143,956.013,928.073,900.333,872.78
Depreciation 340414418586477446.31443.16440.03436.92433.84
Accounts Receivable --2092,310204-415-642.2119.6619.5219.3919.25
Inventories ----------
Accounts Payable ----------
Capital Expenditure -999-928-1,184-1,003-930-1,002.08-995-987.97-981-974.07
UFCF 3,472.803,752.376,130.602,627.243,175.362,786.173,423.833,399.653,375.643,351.80
WACC
PV UFCF 2,571.692,916.992,673.422,450.202,245.61
SUM PV UFCF 12,857.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.34
Free cash flow (t + 1) 3,418.84
Terminal Value 53,924.89
Present Value of Terminal Value 36,128.10

Intrinsic Value

Enterprise Value 48,986.01
Net Debt -20,573
Equity Value 69,559.01
Shares Outstanding 416
Equity Value Per Share 167.21