Discounted Cash Flow (DCF) Analysis Unlevered
KKR & Co. Inc. (KKR)
$46.73
+0.44 (+0.95%)
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 | 3,282.26 | 2,395.84 | 4,220.90 | 4,230.89 | 16,236.15 | 29,759.20 | 54,545.56 | 99,976.42 | 183,246.54 | 335,872.15 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2,051.53 | 1,812.99 | 3,577.35 | 3,581.48 | 7,151.77 | 20,928.37 | 38,359.55 | 70,309.13 | 128,869.43 | 236,204.47 |
EBITDA (%) | ||||||||||
EBIT | - | - | - | - | - | 20,928.37 | 38,359.55 | 70,309.13 | 128,869.43 | 236,204.47 |
EBIT (%) | ||||||||||
Depreciation | - | - | - | - | - | - | - | - | - | - |
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 | 3,679.06 | 2,445.15 | 3,163.15 | 6,507.87 | 10,091.60 | 30,060.40 | 55,097.64 | 100,988.32 | 185,101.25 | 339,271.64 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,699.43 | 1,424.30 | 1,051.50 | 1,935.89 | 29,008.60 | 21,459.92 | 39,333.83 | 72,094.89 | 132,142.55 | 242,203.76 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1,373.48 | 1,053.53 | 1,567.33 | 2,047.33 | 3,863.93 | 11,614.41 | 21,288.02 | 39,018.76 | 71,517.39 | 131,084.04 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -98.12 | -105.23 | -207.36 | -153.39 | -102.05 | -984.92 | -1,805.26 | -3,308.86 | -6,064.80 | -11,116.16 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 46.73 |
---|---|
Beta | 1.474 |
Diluted Shares Outstanding | 562.81 |
Cost of Debt | |
Tax Rate | 65.81 |
After-tax Cost of Debt | 0.98% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 9.847 |
Total Debt | 39,289.78 |
Total Equity | 26,300.25 |
Total Capital | 65,590.02 |
Debt Weighting | 59.90 |
Equity Weighting | 40.10 |
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 | 3,282.26 | 2,395.84 | 4,220.90 | 4,230.89 | 16,236.15 | 29,759.20 | 54,545.56 | 99,976.42 | 183,246.54 | 335,872.15 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2,051.53 | 1,812.99 | 3,577.35 | 3,581.48 | 7,151.77 | 20,928.37 | 38,359.55 | 70,309.13 | 128,869.43 | 236,204.47 |
EBIT | - | - | - | - | - | 20,928.37 | 38,359.55 | 70,309.13 | 128,869.43 | 236,204.47 |
Tax Rate | 63.43% | 49.88% | 61.20% | 65.03% | 65.81% | 61.07% | 61.07% | 61.07% | 61.07% | 61.07% |
EBIAT | - | - | - | - | - | 8,147.11 | 14,932.82 | 27,370.34 | 50,167.03 | 91,951.02 |
Depreciation | - | - | - | - | - | - | - | - | - | - |
Accounts Receivable | - | 275.13 | 372.79 | -884.38 | -27,072.72 | 7,548.68 | -17,873.91 | -32,761.06 | -60,047.66 | -110,061.21 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -319.94 | 513.80 | 480 | 1,816.60 | 7,750.48 | 9,673.61 | 17,730.74 | 32,498.63 | 59,566.66 |
Capital Expenditure | -98.12 | -105.23 | -207.36 | -153.39 | -102.05 | -984.92 | -1,805.26 | -3,308.86 | -6,064.80 | -11,116.16 |
UFCF | - | - | - | - | - | 22,461.35 | 4,927.26 | 9,031.16 | 16,553.20 | 30,340.31 |
WACC | ||||||||||
PV UFCF | 21,485.89 | 4,508.59 | 7,904.90 | 13,859.64 | 24,300.07 | |||||
SUM PV UFCF | 72,059.09 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.54 |
Free cash flow (t + 1) | 30,947.12 |
Terminal Value | 1,218,390.57 |
Present Value of Terminal Value | 975,829.74 |
Intrinsic Value
Enterprise Value | 1,047,888.83 |
---|---|
Net Debt | 29,198.17 |
Equity Value | 1,018,690.65 |
Shares Outstanding | 562.81 |
Equity Value Per Share | 1,810.00 |