Discounted Cash Flow (DCF) Analysis Unlevered

RBC Bearings Incorporated (RBC)

$234.13

+0.95 (+0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: -56.79 | 234.13 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 702.52727.46608.98942.941,469.291,828.992,276.742,834.103,527.924,391.58
Revenue (%)
EBITDA 131.26156.02111.49129.23286.37335.20417.26519.41646.56804.85
EBITDA (%)
EBIT 101.61124.6078.7463.70170.97230.14286.48356.61443.91552.58
EBIT (%)
Depreciation 29.6631.4232.7465.53115.40105.06130.78162.80202.65252.27
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 29.88103.25241.34182.8665.40299.66373.02464.34578.02719.52
Total Cash (%)
Account Receivables 130.74128.99110.47247.49239.60354.95441.85550.02684.67852.28
Account Receivables (%)
Inventories 335367.49364.15516.14587.20924.381,150.671,432.361,783.022,219.51
Inventories (%)
Accounts Payable 49.5951.0436.34158.61146.80171.39213.35265.57330.59411.52
Accounts Payable (%)
Capital Expenditure -41.35-37.30-11.77-29.76-42-69.36-86.33-107.47-133.78-166.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 234.13
Beta 1.411
Diluted Shares Outstanding 29.07
Cost of Debt
Tax Rate 20.52
After-tax Cost of Debt 4.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.232
Total Debt 1,441.70
Total Equity 6,806.73
Total Capital 8,248.43
Debt Weighting 17.48
Equity Weighting 82.52
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 702.52727.46608.98942.941,469.291,828.992,276.742,834.103,527.924,391.58
EBITDA 131.26156.02111.49129.23286.37335.20417.26519.41646.56804.85
EBIT 101.61124.6078.7463.70170.97230.14286.48356.61443.91552.58
Tax Rate 16.57%18.23%18.56%37.63%20.52%22.30%22.30%22.30%22.30%22.30%
EBIAT 84.77101.8964.1339.73135.89178.81222.59277.08344.91429.34
Depreciation 29.6631.4232.7465.53115.40105.06130.78162.80202.65252.27
Accounts Receivable -1.7418.52-137.017.89-115.35-86.90-108.17-134.65-167.61
Inventories --32.493.35-151.99-71.06-337.18-226.29-281.69-350.65-436.50
Accounts Payable -1.45-14.70122.27-11.8124.5941.9652.2365.0180.93
Capital Expenditure -41.35-37.30-11.77-29.76-42-69.36-86.33-107.47-133.78-166.53
UFCF 73.0866.7092.27-91.24134.32-213.42-4.20-5.23-6.51-8.10
WACC
PV UFCF -194-3.47-3.93-4.44-5.03
SUM PV UFCF -210.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.01
Free cash flow (t + 1) -8.26
Terminal Value -103.12
Present Value of Terminal Value -64

Intrinsic Value

Enterprise Value -274.87
Net Debt 1,376.30
Equity Value -1,651.17
Shares Outstanding 29.07
Equity Value Per Share -56.79