Discounted Cash Flow (DCF) Analysis Unlevered

Koppers Holdings Inc. (KOP)

$28.93

-0.17 (-0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.85 | 28.93 | 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 1,710.201,772.801,669.101,678.601,980.502,061.532,145.872,233.672,325.052,420.18
Revenue (%)
EBITDA 156.50185.60246217.90195.90235.97245.62255.67266.13277.02
EBITDA (%)
EBIT 105.70130.50191.90160.20139.80171.69178.71186.03193.64201.56
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 40.603338.5043.2033.3044.5246.3448.2350.2152.26
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 $ 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 1,710.201,772.801,669.101,678.601,980.502,061.532,145.872,233.672,325.052,420.18
EBITDA 156.50185.60246217.90195.90235.97245.62255.67266.13277.02
EBIT 105.70130.50191.90160.20139.80171.69178.71186.03193.64201.56
Tax Rate 57.30%3.34%-10.81%28.76%33.54%22.43%22.43%22.43%22.43%22.43%
EBIAT 45.13126.14212.64114.1292.91133.19138.63144.31150.21156.36
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 -13.77149.04173.9440.124.4181.4880.9484.2587.7091.28
WACC
PV UFCF 76.2070.7968.9167.0865.30
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