Discounted Cash Flow (DCF) Analysis Unlevered

Korea Electric Power Corporation (KEP)

$6.9

+0.10 (+1.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -29,448.66 | 6.9 | overvalue

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 59,335,88960,033,061.9658,568,081.7557,925,836.4760,574,999.3060,909,897.8761,246,647.9961,585,259.8861,925,743.8462,268,110.23
Revenue (%)
EBITDA 15,034,807.039,752,363.719,827,731.1516,433,855.236,597,272.2411,892,664.8711,958,415.3712,024,529.3812,091,008.9212,157,855.99
EBITDA (%)
EBIT 5,261,096.11-272,430.04-1,301,009.114,885,836.35-5,341,000.06707,643.88711,556.21715,490.16719,445.86723,423.43
EBIT (%)
Depreciation 9,773,710.9210,024,793.7511,128,740.2611,548,018.8811,938,272.3011,185,020.9811,246,859.1611,309,039.2211,371,563.0611,434,432.56
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 4,328,096.223,718,240.143,396,637.754,800,278.734,175,781.804,198,868.274,222,082.394,245,424.854,268,896.364,292,497.63
Total Cash (%)
Account Receivables 8,029,562.137,936,806.037,801,170.107,730,669.188,089,601.568,134,326.218,179,298.148,224,518.708,269,989.268,315,711.22
Account Receivables (%)
Inventories 6,002,086.257,188,253.187,050,699.786,742,909.136,931,039.886,969,359.247,007,890.467,046,634.707,085,593.157,124,766.99
Inventories (%)
Accounts Payable 2,936,990.035,042,690.164,812,379.972,606,860.753,947,475.233,969,299.483,991,244.394,013,310.624,035,498.854,057,809.75
Accounts Payable (%)
Capital Expenditure -12,679,845.10-12,377,457.03-14,229,784.90-13,401,664.76-12,781,633.78-13,463,511.03-13,537,946.21-13,612,792.91-13,688,053.41-13,763,730.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.9
Beta 0.660
Diluted Shares Outstanding 1,283.91
Cost of Debt
Tax Rate 24.95
After-tax Cost of Debt 3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.765
Total Debt -
Total Equity 8,858.99
Total Capital 8,858.99
Debt Weighting 0.00
Equity Weighting 100.00
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 59,335,88960,033,061.9658,568,081.7557,925,836.4760,574,999.3060,909,897.8761,246,647.9961,585,259.8861,925,743.8462,268,110.23
EBITDA 15,034,807.039,752,363.719,827,731.1516,433,855.236,597,272.2411,892,664.8711,958,415.3712,024,529.3812,091,008.9212,157,855.99
EBIT 5,261,096.11-272,430.04-1,301,009.114,885,836.35-5,341,000.06707,643.88711,556.21715,490.16719,445.86723,423.43
Tax Rate 64.07%34.30%28.18%33.43%24.95%36.99%36.99%36.99%36.99%36.99%
EBIAT 1,890,503.21-178,990.47-934,381.623,252,310.96-4,008,189.03445,909.92448,375.21450,854.12453,346.74455,853.14
Depreciation 9,773,710.9210,024,793.7511,128,740.2611,548,018.8811,938,272.3011,185,020.9811,246,859.1611,309,039.2211,371,563.0611,434,432.56
Accounts Receivable -92,756.10135,635.9470,500.92-358,932.38-44,724.66-44,971.92-45,220.56-45,470.57-45,721.96
Inventories --1,186,166.93137,553.40307,790.65-188,130.75-38,319.36-38,531.22-38,744.24-38,958.45-39,173.84
Accounts Payable -2,105,700.12-230,310.18-2,205,519.231,340,614.4821,824.2521,944.9122,066.2322,188.2322,310.90
Capital Expenditure -12,679,845-12,377,457-14,229,785-13,401,665-12,781,634-13,463,511.03-13,537,946.21-13,612,792.91-13,688,053.41-13,763,730.01
UFCF -1,015,630.97-1,519,364.46-3,992,547.10-428,562.58-4,057,999.16-1,893,799.90-1,904,270.07-1,914,798.14-1,925,384.40-1,936,029.20
WACC
PV UFCF -1,773,885.25-1,670,749.78-1,573,610.70-1,482,119.39-1,395,947.47
SUM PV UFCF -7,896,312.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.76
Free cash flow (t + 1) -1,974,749.78
Terminal Value -41,486,339.98
Present Value of Terminal Value -29,913,160.17

Intrinsic Value

Enterprise Value -37,809,472.77
Net Debt -
Equity Value -37,809,472.77
Shares Outstanding 1,283.91
Equity Value Per Share -29,448.66