Discounted Cash Flow (DCF) Analysis Unlevered

Klöckner & Co SE (KCO.DE)

9.89 €

+0.02 (+0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.43 | 9.89 | 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 6,291.566,790.496,314.725,130.117,440.867,946.988,487.519,064.829,681.3910,339.90
Revenue (%)
EBITDA 219.90227.84138.5951.68887.38349.32373.08398.46425.56454.51
EBITDA (%)
EBIT 130.18142.201.30-94.10762.97200.31213.94228.49244.03260.63
EBIT (%)
Depreciation 89.7285.64137.30145.78124.41149.01159.14169.97181.53193.88
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 153.56141.34182.52172.5757.63183.59196.08209.41223.66238.87
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,105.131,242.211,042.65855.591,715.721,463.931,563.501,669.851,783.431,904.73
Inventories (%)
Accounts Payable 661.57757.86611.61470.41827.06820.86876.69936.331,000.011,068.03
Accounts Payable (%)
Capital Expenditure -82.37-65-51.82-76.08-84.94-90.78-96.95-103.55-110.59-118.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.89
Beta 2.113
Diluted Shares Outstanding 110.84
Cost of Debt
Tax Rate 17.24
After-tax Cost of Debt 2.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.507
Total Debt 817.10
Total Equity 1,096.18
Total Capital 1,913.27
Debt Weighting 42.71
Equity Weighting 57.29
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 6,291.566,790.496,314.725,130.117,440.867,946.988,487.519,064.829,681.3910,339.90
EBITDA 219.90227.84138.5951.68887.38349.32373.08398.46425.56454.51
EBIT 130.18142.201.30-94.10762.97200.31213.94228.49244.03260.63
Tax Rate -4.78%36.60%-43.89%6.38%17.24%2.31%2.31%2.31%2.31%2.31%
EBIAT 136.4090.151.86-88.10631.45195.69209223.21238.40254.61
Depreciation 89.7285.64137.30145.78124.41149.01159.14169.97181.53193.88
Accounts Receivable ----------
Inventories --137.08199.56187.06-860.13251.79-99.57-106.35-113.58-121.31
Accounts Payable -96.30-146.25-141.20356.65-6.2055.8359.6363.6968.02
Capital Expenditure -82.37-65-51.82-76.08-84.94-90.78-96.95-103.55-110.59-118.11
UFCF 143.7570.01140.6527.46167.43499.51227.45242.92259.44277.09
WACC
PV UFCF 458.94192188.41184.88181.42
SUM PV UFCF 1,205.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.84
Free cash flow (t + 1) 282.63
Terminal Value 4,132.01
Present Value of Terminal Value 2,705.32

Intrinsic Value

Enterprise Value 3,910.96
Net Debt 759.47
Equity Value 3,151.50
Shares Outstanding 110.84
Equity Value Per Share 28.43