Discounted Cash Flow (DCF) Analysis Unlevered

T. Rowe Price Spectrum Conservative... (PPIPX)

$19.12

+0.01 (+0.05%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 19.12 | 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 170,756181,193143,050134,038120,741111,335.57102,662.8094,665.6287,291.4080,491.62
Revenue (%)
EBITDA 56,95652,64543,61049,70744,51937,15334,258.8731,590.1929,129.3926,860.28
EBITDA (%)
EBIT 31,61827,74124,43034,76429,47022,545.0420,788.8419,169.4417,676.1916,299.26
EBIT (%)
Depreciation 25,33824,90419,18014,94315,04914,607.9613,470.0312,420.7511,453.2010,561.03
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 5,20412,1309,74019,2233,7397,568.406,978.846,435.205,933.925,471.68
Total Cash (%)
Account Receivables 27,71624,24722,26914,89514,40715,191.7814,008.3712,917.1611,910.9410,983.11
Account Receivables (%)
Inventories 2,7712,8643,6953,3253,1232,416.782,228.522,054.931,894.851,747.25
Inventories (%)
Accounts Payable 27,01829,64031,83629,51131,10122,759.5120,986.6019,351.8017,844.3416,454.31
Accounts Payable (%)
Capital Expenditure -21,251-19,635-14,690-15,545-19,626-13,672.67-12,607.60-11,625.50-10,719.90-9,884.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.12
Beta 0.700
Diluted Shares Outstanding 7,166
Cost of Debt
Tax Rate -154.78
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.626
Total Debt -
Total Equity 137,013.92
Total Capital -
Debt Weighting -
Equity Weighting -
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 170,756181,193143,050134,038120,741111,335.57102,662.8094,665.6287,291.4080,491.62
EBITDA 56,95652,64543,61049,70744,51937,15334,258.8731,590.1929,129.3926,860.28
EBIT 31,61827,74124,43034,76429,47022,545.0420,788.8419,169.4417,676.1916,299.26
Tax Rate 22.12%24.73%-767.23%24.00%-154.78%-170.23%-170.23%-170.23%-170.23%-170.23%
EBIAT 24,622.7120,879.35211,864.6926,421.8875,084.6860,923.9156,178.0851,801.9547,766.7044,045.79
Depreciation 25,33824,90419,18014,94315,04914,607.9613,470.0312,420.7511,453.2010,561.03
Accounts Receivable -3,4691,9787,374488-784.781,183.401,091.221,006.21927.83
Inventories --93-831370202706.22188.26173.60160.07147.60
Accounts Payable -2,6222,196-2,3251,590-8,341.49-1,772.91-1,634.80-1,507.46-1,390.03
Capital Expenditure -21,251-19,635-14,690-15,545-19,626-13,672.67-12,607.60-11,625.50-10,719.90-9,884.85
UFCF 28,709.7132,146.35219,697.6931,238.8872,787.6853,439.1456,639.2752,227.2148,158.8344,407.38
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 45,295.53
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -3,701
Equity Value -
Shares Outstanding 7,166
Equity Value Per Share -