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
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 | 6,291.56 | 6,790.49 | 6,314.72 | 5,130.11 | 7,440.86 | 7,946.98 | 8,487.51 | 9,064.82 | 9,681.39 | 10,339.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 219.90 | 227.84 | 138.59 | 51.68 | 887.38 | 349.32 | 373.08 | 398.46 | 425.56 | 454.51 |
| EBITDA (%) | ||||||||||
| EBIT | 130.18 | 142.20 | 1.30 | -94.10 | 762.97 | 200.31 | 213.94 | 228.49 | 244.03 | 260.63 |
| EBIT (%) | ||||||||||
| Depreciation | 89.72 | 85.64 | 137.30 | 145.78 | 124.41 | 149.01 | 159.14 | 169.97 | 181.53 | 193.88 |
| 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 | 153.56 | 141.34 | 182.52 | 172.57 | 57.63 | 183.59 | 196.08 | 209.41 | 223.66 | 238.87 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 1,105.13 | 1,242.21 | 1,042.65 | 855.59 | 1,715.72 | 1,463.93 | 1,563.50 | 1,669.85 | 1,783.43 | 1,904.73 |
| Inventories (%) | ||||||||||
| Accounts Payable | 661.57 | 757.86 | 611.61 | 470.41 | 827.06 | 820.86 | 876.69 | 936.33 | 1,000.01 | 1,068.03 |
| 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 | 6,291.56 | 6,790.49 | 6,314.72 | 5,130.11 | 7,440.86 | 7,946.98 | 8,487.51 | 9,064.82 | 9,681.39 | 10,339.90 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 219.90 | 227.84 | 138.59 | 51.68 | 887.38 | 349.32 | 373.08 | 398.46 | 425.56 | 454.51 |
| EBIT | 130.18 | 142.20 | 1.30 | -94.10 | 762.97 | 200.31 | 213.94 | 228.49 | 244.03 | 260.63 |
| Tax Rate | -4.78% | 36.60% | -43.89% | 6.38% | 17.24% | 2.31% | 2.31% | 2.31% | 2.31% | 2.31% |
| EBIAT | 136.40 | 90.15 | 1.86 | -88.10 | 631.45 | 195.69 | 209 | 223.21 | 238.40 | 254.61 |
| Depreciation | 89.72 | 85.64 | 137.30 | 145.78 | 124.41 | 149.01 | 159.14 | 169.97 | 181.53 | 193.88 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -137.08 | 199.56 | 187.06 | -860.13 | 251.79 | -99.57 | -106.35 | -113.58 | -121.31 |
| Accounts Payable | - | 96.30 | -146.25 | -141.20 | 356.65 | -6.20 | 55.83 | 59.63 | 63.69 | 68.02 |
| Capital Expenditure | -82.37 | -65 | -51.82 | -76.08 | -84.94 | -90.78 | -96.95 | -103.55 | -110.59 | -118.11 |
| UFCF | 143.75 | 70.01 | 140.65 | 27.46 | 167.43 | 499.51 | 227.45 | 242.92 | 259.44 | 277.09 |
| WACC | ||||||||||
| PV UFCF | 458.94 | 192 | 188.41 | 184.88 | 181.42 | |||||
| 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 |