Discounted Cash Flow (DCF) Analysis Unlevered

Kamada Ltd. (KMDA)

$4.44

-0.01 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.49 | 4.44 | 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 102.83114.47127.19133.25103.64104.93106.24107.56108.90110.26
Revenue (%)
EBITDA 10.4225.1327.7023.73516.0516.2516.4616.6616.87
EBITDA (%)
EBIT 6.9021.4223.1818.83-0.611212.1512.3012.4612.61
EBIT (%)
Depreciation 3.523.704.524.905.614.054.104.154.204.26
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 43.0250.5973.91109.2718.5951.2251.8652.5153.1653.82
Total Cash (%)
Account Receivables 31.9729.9025.2423.0535.562727.3427.6828.0228.37
Account Receivables (%)
Inventories 21.0729.3243.1743.0471.8338.1238.6039.0839.5640.06
Inventories (%)
Accounts Payable 18.0417.2824.8316.1125.1018.5718.8019.0319.2719.51
Accounts Payable (%)
Capital Expenditure -4.17-2.88-2.30-5.49-3.73-3.38-3.42-3.46-3.51-3.55
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.44
Beta 0.291
Diluted Shares Outstanding 44.60
Cost of Debt
Tax Rate -18.30
After-tax Cost of Debt 3.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.336
Total Debt 42.34
Total Equity 198.02
Total Capital 240.36
Debt Weighting 17.61
Equity Weighting 82.39
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 102.83114.47127.19133.25103.64104.93106.24107.56108.90110.26
EBITDA 10.4225.1327.7023.73516.0516.2516.4616.6616.87
EBIT 6.9021.4223.1818.83-0.611212.1512.3012.4612.61
Tax Rate 3.75%-9.61%3.18%7.68%-18.30%-2.66%-2.66%-2.66%-2.66%-2.66%
EBIAT 6.6423.4822.4517.39-0.7212.3212.4812.6312.7912.95
Depreciation 3.523.704.524.905.614.054.104.154.204.26
Accounts Receivable -2.084.652.19-12.518.56-0.34-0.34-0.34-0.35
Inventories --8.25-13.860.13-28.7933.71-0.47-0.48-0.49-0.49
Accounts Payable --0.757.54-8.728.99-6.540.230.230.240.24
Capital Expenditure -4.17-2.88-2.30-5.49-3.73-3.38-3.42-3.46-3.51-3.55
UFCF 5.9917.3823.0110.39-31.1448.7212.5812.7312.8913.05
WACC
PV UFCF 46.4411.4211.0210.6310.26
SUM PV UFCF 89.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.93
Free cash flow (t + 1) 13.31
Terminal Value 454.40
Present Value of Terminal Value 357.22

Intrinsic Value

Enterprise Value 447
Net Debt 23.75
Equity Value 423.25
Shares Outstanding 44.60
Equity Value Per Share 9.49