Discounted Cash Flow (DCF) Analysis Unlevered
MillerKnoll, Inc. (MLHR)
$38.66
+0.03 (+0.08%)
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 | 2,278.20 | 2,381.20 | 2,567.20 | 2,486.60 | 2,465.10 | 2,516.42 | 2,568.82 | 2,622.30 | 2,676.90 | 2,732.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 253.10 | 250.90 | 284.30 | 88.90 | 322.10 | 248.43 | 253.61 | 258.89 | 264.28 | 269.78 |
| EBITDA (%) | ||||||||||
| EBIT | 194.20 | 184 | 212.20 | 9.40 | 234.90 | 173.25 | 176.86 | 180.54 | 184.30 | 188.14 |
| EBIT (%) | ||||||||||
| Depreciation | 58.90 | 66.90 | 72.10 | 79.50 | 87.20 | 75.18 | 76.75 | 78.34 | 79.97 | 81.64 |
| 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 | 104.80 | 212.50 | 168 | 461 | 404.10 | 276.81 | 282.57 | 288.46 | 294.46 | 300.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 186.60 | 219.30 | 252.30 | 199.50 | 221.10 | 222.55 | 227.19 | 231.92 | 236.75 | 241.68 |
| Account Receivables (%) | ||||||||||
| Inventories | 152.40 | 162.40 | 184.20 | 197.30 | 213.60 | 187.65 | 191.55 | 195.54 | 199.61 | 203.77 |
| Inventories (%) | ||||||||||
| Accounts Payable | 148.40 | 171.40 | 177.70 | 128.80 | 178.40 | 166.34 | 169.80 | 173.34 | 176.95 | 180.63 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -87.30 | -70.60 | -90.60 | -69 | -59.80 | -78.14 | -79.77 | -81.43 | -83.13 | -84.86 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 38.66 |
|---|---|
| Beta | 1.305 |
| Diluted Shares Outstanding | 58.77 |
| Cost of Debt | |
| Tax Rate | 23.54 |
| After-tax Cost of Debt | 2.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.676 |
| Total Debt | 474 |
| Total Equity | 2,272.12 |
| Total Capital | 2,746.12 |
| Debt Weighting | 17.26 |
| Equity Weighting | 82.74 |
| 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 | 2,278.20 | 2,381.20 | 2,567.20 | 2,486.60 | 2,465.10 | 2,516.42 | 2,568.82 | 2,622.30 | 2,676.90 | 2,732.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 253.10 | 250.90 | 284.30 | 88.90 | 322.10 | 248.43 | 253.61 | 258.89 | 264.28 | 269.78 |
| EBIT | 194.20 | 184 | 212.20 | 9.40 | 234.90 | 173.25 | 176.86 | 180.54 | 184.30 | 188.14 |
| Tax Rate | 30.24% | 23.80% | 17.73% | 32.09% | 23.54% | 25.48% | 25.48% | 25.48% | 25.48% | 25.48% |
| EBIAT | 135.48 | 140.22 | 174.57 | 6.38 | 179.60 | 129.11 | 131.80 | 134.54 | 137.34 | 140.20 |
| Depreciation | 58.90 | 66.90 | 72.10 | 79.50 | 87.20 | 75.18 | 76.75 | 78.34 | 79.97 | 81.64 |
| Accounts Receivable | - | -32.70 | -33 | 52.80 | -21.60 | -1.45 | -4.63 | -4.73 | -4.83 | -4.93 |
| Inventories | - | -10 | -21.80 | -13.10 | -16.30 | 25.95 | -3.91 | -3.99 | -4.07 | -4.16 |
| Accounts Payable | - | 23 | 6.30 | -48.90 | 49.60 | -12.06 | 3.46 | 3.54 | 3.61 | 3.68 |
| Capital Expenditure | -87.30 | -70.60 | -90.60 | -69 | -59.80 | -78.14 | -79.77 | -81.43 | -83.13 | -84.86 |
| UFCF | 107.08 | 116.82 | 107.57 | 7.68 | 218.70 | 138.58 | 123.69 | 126.27 | 128.90 | 131.58 |
| WACC | ||||||||||
| PV UFCF | 127.86 | 105.29 | 99.16 | 93.39 | 87.95 | |||||
| SUM PV UFCF | 513.64 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.39 |
| Free cash flow (t + 1) | 134.21 |
| Terminal Value | 2,100.37 |
| Present Value of Terminal Value | 1,403.94 |
Intrinsic Value
| Enterprise Value | 1,917.58 |
|---|---|
| Net Debt | 77.60 |
| Equity Value | 1,839.98 |
| Shares Outstanding | 58.77 |
| Equity Value Per Share | 31.31 |