Discounted Cash Flow (DCF) Analysis Unlevered

Koppers Holdings Inc. (KOP)

$41.02

+0.57 (+1.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.74 | 41.02 | overvalue

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 1,710.201,772.801,669.101,678.601,980.502,061.532,145.872,233.672,325.052,420.18
Revenue (%)
EBITDA 174.20192.50219.60188.80193.80227.73237.05246.75256.84267.35
EBITDA (%)
EBIT 123.40137.40165.50131.10137.70163.46170.14177.10184.35191.89
EBIT (%)
Depreciation 50.8055.1054.1057.7056.1064.2866.9169.6472.4975.46
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 40.603338.5045.5033.3045.0846.9348.8550.8452.92
Total Cash (%)
Account Receivables 192.50165.80176.30182.80215.70218.33227.26236.56246.23256.31
Account Receivables (%)
Inventories 284.70299.10295.80313.80355.70362.40377.22392.66408.72425.44
Inventories (%)
Accounts Payable 177.20169.90154.10171.90207.40205.70214.12222.88232241.49
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 $ 41.02
Beta 1.883
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 13.432
Total Debt 904.50
Total Equity 874.26
Total Capital 1,778.76
Debt Weighting 50.85
Equity Weighting 49.15
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 1,710.201,772.801,669.101,678.601,980.502,061.532,145.872,233.672,325.052,420.18
EBITDA 174.20192.50219.60188.80193.80227.73237.05246.75256.84267.35
EBIT 123.40137.40165.50131.10137.70163.46170.14177.10184.35191.89
Tax Rate 57.30%3.34%19.07%28.76%33.54%28.40%28.40%28.40%28.40%28.40%
EBIAT 52.69132.81133.9393.3991.51117.03121.82126.80131.99137.39
Depreciation 50.8055.1054.1057.7056.1064.2866.9169.6472.4975.46
Accounts Receivable -26.70-10.50-6.50-32.90-2.63-8.93-9.30-9.68-10.07
Inventories --14.403.30-18-41.90-6.70-14.83-15.43-16.06-16.72
Accounts Payable --7.30-15.8017.8035.50-1.708.428.769.129.49
Capital Expenditure -109.70-37.20-69.80-125-105.30-104.97-109.26-113.73-118.38-123.23
UFCF -6.21155.7195.2319.393.0165.3264.1266.7469.4772.32
WACC
PV UFCF 60.3354.7052.5950.5648.61
SUM PV UFCF 266.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.27
Free cash flow (t + 1) 73.76
Terminal Value 1,176.46
Present Value of Terminal Value 790.74

Intrinsic Value

Enterprise Value 1,057.53
Net Debt 871.20
Equity Value 186.33
Shares Outstanding 21.31
Equity Value Per Share 8.74