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	3,282.26	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