Discounted Cash Flow (DCF) Analysis Unlevered
RBC Bearings Incorporated (RBC)
$234.13
+0.95 (+0.41%)
All numbers are in Millions, Currency in USD
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 | 702.52 | 727.46 | 608.98 | 942.94 | 1,469.29 | 1,828.99 | 2,276.74 | 2,834.10 | 3,527.92 | 4,391.58 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 131.26 | 156.02 | 111.49 | 129.23 | 286.37 | 335.20 | 417.26 | 519.41 | 646.56 | 804.85 |
EBITDA (%) | ||||||||||
EBIT | 101.61 | 124.60 | 78.74 | 63.70 | 170.97 | 230.14 | 286.48 | 356.61 | 443.91 | 552.58 |
EBIT (%) | ||||||||||
Depreciation | 29.66 | 31.42 | 32.74 | 65.53 | 115.40 | 105.06 | 130.78 | 162.80 | 202.65 | 252.27 |
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 | 29.88 | 103.25 | 241.34 | 182.86 | 65.40 | 299.66 | 373.02 | 464.34 | 578.02 | 719.52 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 130.74 | 128.99 | 110.47 | 247.49 | 239.60 | 354.95 | 441.85 | 550.02 | 684.67 | 852.28 |
Account Receivables (%) | ||||||||||
Inventories | 335 | 367.49 | 364.15 | 516.14 | 587.20 | 924.38 | 1,150.67 | 1,432.36 | 1,783.02 | 2,219.51 |
Inventories (%) | ||||||||||
Accounts Payable | 49.59 | 51.04 | 36.34 | 158.61 | 146.80 | 171.39 | 213.35 | 265.57 | 330.59 | 411.52 |
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 | 702.52 | 727.46 | 608.98 | 942.94 | 1,469.29 | 1,828.99 | 2,276.74 | 2,834.10 | 3,527.92 | 4,391.58 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 131.26 | 156.02 | 111.49 | 129.23 | 286.37 | 335.20 | 417.26 | 519.41 | 646.56 | 804.85 |
EBIT | 101.61 | 124.60 | 78.74 | 63.70 | 170.97 | 230.14 | 286.48 | 356.61 | 443.91 | 552.58 |
Tax Rate | 16.57% | 18.23% | 18.56% | 37.63% | 20.52% | 22.30% | 22.30% | 22.30% | 22.30% | 22.30% |
EBIAT | 84.77 | 101.89 | 64.13 | 39.73 | 135.89 | 178.81 | 222.59 | 277.08 | 344.91 | 429.34 |
Depreciation | 29.66 | 31.42 | 32.74 | 65.53 | 115.40 | 105.06 | 130.78 | 162.80 | 202.65 | 252.27 |
Accounts Receivable | - | 1.74 | 18.52 | -137.01 | 7.89 | -115.35 | -86.90 | -108.17 | -134.65 | -167.61 |
Inventories | - | -32.49 | 3.35 | -151.99 | -71.06 | -337.18 | -226.29 | -281.69 | -350.65 | -436.50 |
Accounts Payable | - | 1.45 | -14.70 | 122.27 | -11.81 | 24.59 | 41.96 | 52.23 | 65.01 | 80.93 |
Capital Expenditure | -41.35 | -37.30 | -11.77 | -29.76 | -42 | -69.36 | -86.33 | -107.47 | -133.78 | -166.53 |
UFCF | 73.08 | 66.70 | 92.27 | -91.24 | 134.32 | -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 |