Discounted Cash Flow (DCF) Analysis Unlevered

KKR & Co. Inc. (KKR)

$95.8

+0.03 (+0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 208.99 | 95.8 | undervalue

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 2,395.844,220.904,230.8916,236.155,721.199,946.3417,291.7930,061.9152,262.8690,859.37
Revenue (%)
EBITDA 1,702.892,730.982,701.207,397.371,786.705,498.619,559.3816,619.0628,892.3650,229.60
EBITDA (%)
EBIT 1,702.892,730.982,701.207,010.511,422.545,063.578,803.0515,304.1726,606.4246,255.46
EBIT (%)
Depreciation ---386.87364.16435.05756.331,314.892,285.953,974.14
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 1,751.292,346.715,363.0110,091.6012,823.5610,776.8518,735.6332,572.0456,626.7398,446.01
Total Cash (%)
Account Receivables 1,424.301,051.501,935.8929,008.6032,041.0617,283.2630,047.0752,237.0790,814.54157,881.76
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 1,053.531,567.332,047.333,863.932,114.523,784.666,579.6611,438.7919,886.4234,572.68
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 $ 95.8
Beta 1.601
Diluted Shares Outstanding 749.50
Cost of Debt
Tax Rate 3.37
After-tax Cost of Debt 4.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.842
Total Debt 44,075
Total Equity 71,802.58
Total Capital 115,877.57
Debt Weighting 38.04
Equity Weighting 61.96
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 2,395.844,220.904,230.8916,236.155,721.199,946.3417,291.7930,061.9152,262.8690,859.37
EBITDA 1,702.892,730.982,701.207,397.371,786.705,498.619,559.3816,619.0628,892.3650,229.60
EBIT 1,702.892,730.982,701.207,010.511,422.545,063.578,803.0515,304.1726,606.4246,255.46
Tax Rate 49.88%10.23%10.64%9.92%3.37%16.81%16.81%16.81%16.81%16.81%
EBIAT 853.442,451.592,413.906,315.401,374.634,212.567,323.5612,732.0622,134.7938,481.50
Depreciation ---386.87364.16435.05756.331,314.892,285.953,974.14
Accounts Receivable -372.79-884.38-27,072.72-3,032.4614,757.81-12,763.82-22,189.99-38,577.47-67,067.23
Inventories -1,305.197.158,585.53-7,519.743,021.605,253.089,132.5215,876.9527,602.20
Accounts Payable -513.804801,816.60-1,749.411,670.142,7954,859.138,447.6314,686.27
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 748.214,436.011,863.27-10,070.37-10,647.8823,797.862,843.834,944.028,595.2214,942.85
WACC
PV UFCF 21,850.942,397.553,827.166,109.229,752.02
SUM PV UFCF 43,936.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.91
Free cash flow (t + 1) 15,241.71
Terminal Value 220,574.63
Present Value of Terminal Value 143,951.69

Intrinsic Value

Enterprise Value 187,888.59
Net Debt 31,251.44
Equity Value 156,637.14
Shares Outstanding 749.50
Equity Value Per Share 208.99