Discounted Cash Flow (DCF) Analysis Unlevered
Koppers Holdings Inc. (KOP)
$28.93
-0.17 (-0.58%)
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 | 1,710.20 | 1,772.80 | 1,669.10 | 1,678.60 | 1,980.50 | 2,061.53 | 2,145.87 | 2,233.67 | 2,325.05 | 2,420.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 156.50 | 185.60 | 246 | 217.90 | 195.90 | 235.97 | 245.62 | 255.67 | 266.13 | 277.02 |
| EBITDA (%) | ||||||||||
| EBIT | 105.70 | 130.50 | 191.90 | 160.20 | 139.80 | 171.69 | 178.71 | 186.03 | 193.64 | 201.56 |
| EBIT (%) | ||||||||||
| Depreciation | 50.80 | 55.10 | 54.10 | 57.70 | 56.10 | 64.28 | 66.91 | 69.64 | 72.49 | 75.46 |
| 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 | 40.60 | 33 | 38.50 | 43.20 | 33.30 | 44.52 | 46.34 | 48.23 | 50.21 | 52.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 192.50 | 165.80 | 176.30 | 182.80 | 215.70 | 218.33 | 227.26 | 236.56 | 246.23 | 256.31 |
| Account Receivables (%) | ||||||||||
| Inventories | 284.70 | 299.10 | 295.80 | 313.80 | 355.70 | 362.40 | 377.22 | 392.66 | 408.72 | 425.44 |
| Inventories (%) | ||||||||||
| Accounts Payable | 177.20 | 169.90 | 154.10 | 171.90 | 207.40 | 205.70 | 214.12 | 222.88 | 232 | 241.49 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -109.70 | -37.20 | -69.80 | -125 | -105.30 | -104.97 | -109.26 | -113.73 | -118.38 | -123.23 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 28.93 |
|---|---|
| Beta | 1.823 |
| Diluted Shares Outstanding | 21.31 |
| Cost of Debt | |
| Tax Rate | 33.54 |
| After-tax Cost of Debt | 3.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.267 |
| Total Debt | 904.50 |
| Total Equity | 616.59 |
| Total Capital | 1,521.09 |
| Debt Weighting | 59.46 |
| Equity Weighting | 40.54 |
| 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 | 1,710.20 | 1,772.80 | 1,669.10 | 1,678.60 | 1,980.50 | 2,061.53 | 2,145.87 | 2,233.67 | 2,325.05 | 2,420.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 156.50 | 185.60 | 246 | 217.90 | 195.90 | 235.97 | 245.62 | 255.67 | 266.13 | 277.02 |
| EBIT | 105.70 | 130.50 | 191.90 | 160.20 | 139.80 | 171.69 | 178.71 | 186.03 | 193.64 | 201.56 |
| Tax Rate | 57.30% | 3.34% | -10.81% | 28.76% | 33.54% | 22.43% | 22.43% | 22.43% | 22.43% | 22.43% |
| EBIAT | 45.13 | 126.14 | 212.64 | 114.12 | 92.91 | 133.19 | 138.63 | 144.31 | 150.21 | 156.36 |
| Depreciation | 50.80 | 55.10 | 54.10 | 57.70 | 56.10 | 64.28 | 66.91 | 69.64 | 72.49 | 75.46 |
| Accounts Receivable | - | 26.70 | -10.50 | -6.50 | -32.90 | -2.63 | -8.93 | -9.30 | -9.68 | -10.07 |
| Inventories | - | -14.40 | 3.30 | -18 | -41.90 | -6.70 | -14.83 | -15.43 | -16.06 | -16.72 |
| Accounts Payable | - | -7.30 | -15.80 | 17.80 | 35.50 | -1.70 | 8.42 | 8.76 | 9.12 | 9.49 |
| Capital Expenditure | -109.70 | -37.20 | -69.80 | -125 | -105.30 | -104.97 | -109.26 | -113.73 | -118.38 | -123.23 |
| UFCF | -13.77 | 149.04 | 173.94 | 40.12 | 4.41 | 81.48 | 80.94 | 84.25 | 87.70 | 91.28 |
| WACC | ||||||||||
| PV UFCF | 76.20 | 70.79 | 68.91 | 67.08 | 65.30 | |||||
| SUM PV UFCF | 348.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.93 |
| Free cash flow (t + 1) | 93.11 |
| Terminal Value | 1,888.64 |
| Present Value of Terminal Value | 1,350.99 |
Intrinsic Value
| Enterprise Value | 1,699.26 |
|---|---|
| Net Debt | 871.20 |
| Equity Value | 828.06 |
| Shares Outstanding | 21.31 |
| Equity Value Per Share | 38.85 |