Discounted Cash Flow (DCF) Analysis Unlevered

Newell Brands Inc. (NWL)

$14.63

-0.18 (-1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: -81.47 | 14.63 | 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 14,742.208,630.909,714.909,38510,58910,073.809,583.669,117.388,673.778,251.76
Revenue (%)
EBITDA 2,064.60-7,962.10-485.10-3751,274-1,515.18-1,441.46-1,371.33-1,304.61-1,241.13
EBITDA (%)
EBIT 1,429-8,396-931.10-732949-1,934.31-1,840.20-1,750.66-1,665.48-1,584.45
EBIT (%)
Depreciation 635.60433.90446357325419.13398.73379.33360.88343.32
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 485.70495.70348.60981440548.71522.01496.61472.45449.46
Total Cash (%)
Account Receivables 2,6741,850.701,841.501,6781,5001,825.011,736.211,651.741,571.371,494.92
Account Receivables (%)
Inventories 2,498.801,583.101,606.701,6381,9971,775.881,689.471,607.271,529.071,454.67
Inventories (%)
Accounts Payable 1,761.601,019.501,101.401,5261,6801,354.411,288.511,225.821,166.181,109.44
Accounts Payable (%)
Capital Expenditure -406.20-384.40-264.90-259-289-310.77-295.65-281.27-267.58-254.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.63
Beta 0.767
Diluted Shares Outstanding 424.10
Cost of Debt
Tax Rate 17.46
After-tax Cost of Debt 3.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.382
Total Debt 5,386
Total Equity 6,204.58
Total Capital 11,590.58
Debt Weighting 46.47
Equity Weighting 53.53
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 14,742.208,630.909,714.909,38510,58910,073.809,583.669,117.388,673.778,251.76
EBITDA 2,064.60-7,962.10-485.10-3751,274-1,515.18-1,441.46-1,371.33-1,304.61-1,241.13
EBIT 1,429-8,396-931.10-732949-1,934.31-1,840.20-1,750.66-1,665.48-1,584.45
Tax Rate -92.36%16.33%112.52%23.46%17.46%15.48%15.48%15.48%15.48%15.48%
EBIAT 2,748.80-7,025.25116.55-560.28783.30-1,634.86-1,555.31-1,479.64-1,407.65-1,339.16
Depreciation 635.60433.90446357325419.13398.73379.33360.88343.32
Accounts Receivable -823.309.20163.50178-325.0188.7984.4780.3676.45
Inventories -915.70-23.60-31.30-359221.1286.4082.2078.2074.40
Accounts Payable --742.1081.90424.60154-325.59-65.90-62.69-59.64-56.74
Capital Expenditure -406.20-384.40-264.90-259-289-310.77-295.65-281.27-267.58-254.56
UFCF 2,978.20-5,978.85365.1594.52792.30-1,955.98-1,342.93-1,277.59-1,215.43-1,156.30
WACC
PV UFCF -1,849.27-1,200.41-1,079.71-971.14-873.49
SUM PV UFCF -5,974.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) -1,179.42
Terminal Value -31,284.43
Present Value of Terminal Value -23,632.83

Intrinsic Value

Enterprise Value -29,606.84
Net Debt 4,946
Equity Value -34,552.84
Shares Outstanding 424.10
Equity Value Per Share -81.47