Discounted Cash Flow (DCF) Analysis Unlevered

KKR & Co. Inc. (KKR)

$46.73

+0.44 (+0.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,810.00 | 46.73 | 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 3,282.262,395.844,220.904,230.8916,236.1529,759.2054,545.5699,976.42183,246.54335,872.15
Revenue (%)
EBITDA 2,051.531,812.993,577.353,581.487,151.7720,928.3738,359.5570,309.13128,869.43236,204.47
EBITDA (%)
EBIT -----20,928.3738,359.5570,309.13128,869.43236,204.47
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 3,679.062,445.153,163.156,507.8710,091.6030,060.4055,097.64100,988.32185,101.25339,271.64
Total Cash (%)
Account Receivables 1,699.431,424.301,051.501,935.8929,008.6021,459.9239,333.8372,094.89132,142.55242,203.76
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1,373.481,053.531,567.332,047.333,863.9311,614.4121,288.0239,018.7671,517.39131,084.04
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 3,282.262,395.844,220.904,230.8916,236.1529,759.2054,545.5699,976.42183,246.54335,872.15
EBITDA 2,051.531,812.993,577.353,581.487,151.7720,928.3738,359.5570,309.13128,869.43236,204.47
EBIT -----20,928.3738,359.5570,309.13128,869.43236,204.47
Tax Rate 63.43%49.88%61.20%65.03%65.81%61.07%61.07%61.07%61.07%61.07%
EBIAT -----8,147.1114,932.8227,370.3450,167.0391,951.02
Depreciation ----------
Accounts Receivable -275.13372.79-884.38-27,072.727,548.68-17,873.91-32,761.06-60,047.66-110,061.21
Inventories ----------
Accounts Payable --319.94513.804801,816.607,750.489,673.6117,730.7432,498.6359,566.66
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 -----22,461.354,927.269,031.1616,553.2030,340.31
WACC
PV UFCF 21,485.894,508.597,904.9013,859.6424,300.07
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