Discounted Cash Flow (DCF) Analysis Unlevered
KT Corporation (KT)
$15.06
+0.22 (+1.48%)
All numbers are in Millions, Currency in USD
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 | 23,546,929 | 23,436,050.04 | 24,899,189.13 | 24,440,647.16 | 24,898,005.23 | 25,259,146.81 | 25,625,526.70 | 25,997,220.86 | 26,374,306.39 | 26,756,861.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4,472,360.06 | 4,621,949.05 | 4,917,909.06 | 4,917,452.10 | 5,786,637.02 | 5,144,154.07 | 5,218,769.20 | 5,294,466.61 | 5,371,262.01 | 5,449,171.30 |
| EBITDA (%) | ||||||||||
| EBIT | 1,034,679.14 | 1,257,010.12 | 1,237,394.09 | 1,249,817.22 | 2,139,282.92 | 1,436,395.48 | 1,457,230.17 | 1,478,367.06 | 1,499,810.54 | 1,521,565.05 |
| EBIT (%) | ||||||||||
| Depreciation | 3,437,680.92 | 3,364,938.93 | 3,680,514.97 | 3,667,634.88 | 3,647,354.10 | 3,707,758.59 | 3,761,539.03 | 3,816,099.55 | 3,871,451.47 | 3,927,606.25 |
| 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 | 2,900,813.06 | 3,698,201.90 | 3,174,282.09 | 3,837,463.89 | 4,205,250.92 | 3,710,005.89 | 3,763,818.94 | 3,818,412.53 | 3,873,797.99 | 3,929,986.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5,823,313.07 | 5,684,394.95 | 5,926,815.99 | 4,904,530.08 | 5,093,443.94 | 5,724,388.50 | 5,807,419.84 | 5,891,655.53 | 5,977,113.05 | 6,063,810.12 |
| Account Receivables (%) | ||||||||||
| Inventories | 642,027.03 | 1,074,634.06 | 791,676.94 | 534,635.98 | 514,145.05 | 744,841.47 | 755,645.27 | 766,605.79 | 777,725.28 | 789,006.06 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1,399,287.09 | 1,236,489.05 | 1,304,794.95 | 1,239,717.12 | 1,537,148.07 | 1,399,609.58 | 1,419,910.69 | 1,440,506.27 | 1,461,400.58 | 1,482,597.96 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3,055,778.93 | -3,007,092 | -3,800,349.04 | -3,724,484.07 | -4,251,463.12 | -3,707,325.65 | -3,761,099.81 | -3,815,653.96 | -3,870,999.41 | -3,927,147.64 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.06 |
|---|---|
| Beta | 0.423 |
| Diluted Shares Outstanding | 471.37 |
| Cost of Debt | |
| Tax Rate | 31.42 |
| After-tax Cost of Debt | 2.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.737 |
| Total Debt | 8,437,703 |
| Total Equity | 7,098.85 |
| Total Capital | 8,444,801.85 |
| Debt Weighting | 99.92 |
| Equity Weighting | 0.08 |
| 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 | 23,546,929 | 23,436,050.04 | 24,899,189.13 | 24,440,647.16 | 24,898,005.23 | 25,259,146.81 | 25,625,526.70 | 25,997,220.86 | 26,374,306.39 | 26,756,861.49 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4,472,360.06 | 4,621,949.05 | 4,917,909.06 | 4,917,452.10 | 5,786,637.02 | 5,144,154.07 | 5,218,769.20 | 5,294,466.61 | 5,371,262.01 | 5,449,171.30 |
| EBIT | 1,034,679.14 | 1,257,010.12 | 1,237,394.09 | 1,249,817.22 | 2,139,282.92 | 1,436,395.48 | 1,457,230.17 | 1,478,367.06 | 1,499,810.54 | 1,521,565.05 |
| Tax Rate | 43.51% | 37.56% | 36.32% | 32.06% | 31.42% | 36.17% | 36.17% | 36.17% | 36.17% | 36.17% |
| EBIAT | 584,537.60 | 784,823.34 | 787,969.04 | 849,145.88 | 1,467,210.77 | 916,810.60 | 930,108.79 | 943,599.87 | 957,286.63 | 971,171.92 |
| Depreciation | 3,437,680.92 | 3,364,938.93 | 3,680,514.97 | 3,667,634.88 | 3,647,354.10 | 3,707,758.59 | 3,761,539.03 | 3,816,099.55 | 3,871,451.47 | 3,927,606.25 |
| Accounts Receivable | - | 138,918.12 | -242,421.03 | 1,022,285.90 | -188,913.86 | -630,944.56 | -83,031.34 | -84,235.70 | -85,457.52 | -86,697.07 |
| Inventories | - | -432,607.03 | 282,957.12 | 257,040.96 | 20,490.93 | -230,696.42 | -10,803.81 | -10,960.51 | -11,119.49 | -11,280.78 |
| Accounts Payable | - | -162,798.04 | 68,305.90 | -65,077.83 | 297,430.95 | -137,538.49 | 20,301.11 | 20,595.58 | 20,894.31 | 21,197.38 |
| Capital Expenditure | -3,055,779 | -3,007,092 | -3,800,349 | -3,724,484 | -4,251,463 | -3,707,325.65 | -3,761,099.81 | -3,815,653.96 | -3,870,999.41 | -3,927,147.64 |
| UFCF | 966,439.59 | 686,183.31 | 776,976.96 | 2,006,545.73 | 992,109.77 | -81,935.93 | 857,013.98 | 869,444.83 | 882,055.98 | 894,850.07 |
| WACC | ||||||||||
| PV UFCF | -80,219.24 | 821,478.49 | 815,932.94 | 810,424.83 | 804,953.90 | |||||
| SUM PV UFCF | 3,172,570.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.14 |
| Free cash flow (t + 1) | 912,747.07 |
| Terminal Value | 651,962,190.37 |
| Present Value of Terminal Value | 586,466,409.63 |
Intrinsic Value
| Enterprise Value | 589,638,980.54 |
|---|---|
| Net Debt | 5,418,111 |
| Equity Value | 584,220,869.54 |
| Shares Outstanding | 471.37 |
| Equity Value Per Share | 1,239,407.53 |