Discounted Cash Flow (DCF) Analysis Unlevered

Kura Sushi USA, Inc. (KRUS)

$73.58

+0.38 (+0.52%)
All numbers are in Millions, Currency in USD
Stock DCF: -37.74 | 73.58 | overvalue

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 37.2551.7464.2545.1764.8977.3992.29110.07131.27156.55
Revenue (%)
EBITDA 2.403.553.88-12.89-5.45-2.72-3.25-3.87-4.62-5.51
EBITDA (%)
EBIT 1.031.881.71-16.05-9.97-6.47-7.72-9.21-10.98-13.10
EBIT (%)
Depreciation 1.371.672.163.164.523.754.485.346.377.59
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 2.885.7138.049.2640.4324.8929.6835.4042.2150.34
Total Cash (%)
Account Receivables 0.700.521.172.142.352.022.412.883.434.09
Account Receivables (%)
Inventories 0.270.380.540.370.730.660.780.931.111.33
Inventories (%)
Accounts Payable 1.801.963.684.924.925.086.067.228.6110.27
Accounts Payable (%)
Capital Expenditure -6.05-7.10-11.25-14.46-14.23-15.70-18.72-22.33-26.63-31.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 73.58
Beta 2.090
Diluted Shares Outstanding 8.53
Cost of Debt
Tax Rate -1.04
After-tax Cost of Debt 0.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.667
Total Debt 72.96
Total Equity 627.49
Total Capital 700.45
Debt Weighting 10.42
Equity Weighting 89.58
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 37.2551.7464.2545.1764.8977.3992.29110.07131.27156.55
EBITDA 2.403.553.88-12.89-5.45-2.72-3.25-3.87-4.62-5.51
EBIT 1.031.881.71-16.05-9.97-6.47-7.72-9.21-10.98-13.10
Tax Rate 25.34%0.29%4.46%-7.25%-1.04%4.36%4.36%4.36%4.36%4.36%
EBIAT 0.771.871.64-17.21-10.07-6.19-7.39-8.81-10.50-12.53
Depreciation 1.371.672.163.164.523.754.485.346.377.59
Accounts Receivable -0.17-0.65-0.97-0.210.32-0.39-0.46-0.55-0.66
Inventories --0.12-0.160.17-0.370.08-0.13-0.15-0.18-0.21
Accounts Payable -0.161.721.2400.160.981.171.391.66
Capital Expenditure -6.05-7.10-11.26-14.46-14.23-15.70-18.72-22.33-26.63-31.76
UFCF -3.91-3.34-6.53-28.07-20.35-17.58-21.17-25.25-30.11-35.91
WACC
PV UFCF -15.66-16.80-17.84-18.95-20.13
SUM PV UFCF -89.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.27
Free cash flow (t + 1) -36.63
Terminal Value -356.63
Present Value of Terminal Value -199.94

Intrinsic Value

Enterprise Value -289.32
Net Debt 32.53
Equity Value -321.85
Shares Outstanding 8.53
Equity Value Per Share -37.74