Discounted Cash Flow (DCF) Analysis Unlevered
KKR & Co. Inc. (KKR)
$74.7
+5.32 (+7.67%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 2,395.84 | 4,220.90 | 4,230.89 | 16,236.15 | 5,721.19 | 9,946.34 | 17,291.79 | 30,061.91 | 52,262.86 | 90,859.37 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 1,702.89 | 2,730.98 | 2,701.20 | 7,397.37 | 1,786.70 | 5,498.61 | 9,559.38 | 16,619.06 | 28,892.36 | 50,229.60 |
EBITDA (%) | ||||||||||
EBIT | 1,702.89 | 2,730.98 | 2,701.20 | 7,010.51 | 1,422.54 | 5,063.57 | 8,803.05 | 15,304.17 | 26,606.42 | 46,255.46 |
EBIT (%) | ||||||||||
Depreciation | - | - | - | 386.87 | 364.16 | 435.05 | 756.33 | 1,314.89 | 2,285.95 | 3,974.14 |
Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Total Cash | 1,751.29 | 2,346.71 | 5,363.01 | 10,091.60 | 12,823.56 | 10,776.85 | 18,735.63 | 32,572.04 | 56,626.73 | 98,446.01 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 1,424.30 | 1,051.50 | 1,935.89 | 29,008.60 | 32,041.06 | 17,283.26 | 30,047.07 | 52,237.07 | 90,814.54 | 157,881.76 |
Account Receivables (%) | ||||||||||
Inventories | -1,713.38 | -3,018.57 | -3,025.71 | -11,611.24 | -4,091.50 | -7,113.10 | -12,366.18 | -21,498.70 | -37,375.65 | -64,977.85 |
Inventories (%) | ||||||||||
Accounts Payable | 1,053.53 | 1,567.33 | 2,047.33 | 3,863.93 | 2,114.52 | 3,784.66 | 6,579.66 | 11,438.79 | 19,886.42 | 34,572.68 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -105.23 | -207.36 | -153.39 | -102.05 | -85.06 | -299.29 | -520.32 | -904.59 | -1,572.63 | -2,734.03 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 74.7 |
---|---|
Beta | 1.501 |
Diluted Shares Outstanding | 749.50 |
Cost of Debt | |
Tax Rate | 3.37 |
After-tax Cost of Debt | 4.08% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.304 |
Total Debt | 44,075 |
Total Equity | 55,988.02 |
Total Capital | 100,063.02 |
Debt Weighting | 44.05 |
Equity Weighting | 55.95 |
Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
Revenue | 2,395.84 | 4,220.90 | 4,230.89 | 16,236.15 | 5,721.19 | 9,946.34 | 17,291.79 | 30,061.91 | 52,262.86 | 90,859.37 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 1,702.89 | 2,730.98 | 2,701.20 | 7,397.37 | 1,786.70 | 5,498.61 | 9,559.38 | 16,619.06 | 28,892.36 | 50,229.60 |
EBIT | 1,702.89 | 2,730.98 | 2,701.20 | 7,010.51 | 1,422.54 | 5,063.57 | 8,803.05 | 15,304.17 | 26,606.42 | 46,255.46 |
Tax Rate | 49.88% | 10.23% | 10.64% | 9.92% | 3.37% | 16.81% | 16.81% | 16.81% | 16.81% | 16.81% |
EBIAT | 853.44 | 2,451.59 | 2,413.90 | 6,315.40 | 1,374.63 | 4,212.56 | 7,323.56 | 12,732.06 | 22,134.79 | 38,481.50 |
Depreciation | - | - | - | 386.87 | 364.16 | 435.05 | 756.33 | 1,314.89 | 2,285.95 | 3,974.14 |
Accounts Receivable | - | 372.79 | -884.38 | -27,072.72 | -3,032.46 | 14,757.81 | -12,763.82 | -22,189.99 | -38,577.47 | -67,067.23 |
Inventories | - | 1,305.19 | 7.15 | 8,585.53 | -7,519.74 | 3,021.60 | 5,253.08 | 9,132.52 | 15,876.95 | 27,602.20 |
Accounts Payable | - | 513.80 | 480 | 1,816.60 | -1,749.41 | 1,670.14 | 2,795 | 4,859.13 | 8,447.63 | 14,686.27 |
Capital Expenditure | -105.23 | -207.36 | -153.39 | -102.05 | -85.06 | -299.29 | -520.32 | -904.59 | -1,572.63 | -2,734.03 |
UFCF | 748.21 | 4,436.01 | 1,863.27 | -10,070.37 | -10,647.88 | 23,797.86 | 2,843.83 | 4,944.02 | 8,595.22 | 14,942.85 |
WACC | ||||||||||
PV UFCF | 22,010.60 | 2,432.72 | 3,911.67 | 6,289.74 | 10,113.54 | |||||
SUM PV UFCF | 44,758.27 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.12 |
Free cash flow (t + 1) | 15,241.71 |
Terminal Value | 249,047.49 |
Present Value of Terminal Value | 168,559.02 |
Intrinsic Value
Enterprise Value | 213,317.28 |
---|---|
Net Debt | 31,251.44 |
Equity Value | 182,065.84 |
Shares Outstanding | 749.50 |
Equity Value Per Share | 242.91 |