Discounted Cash Flow (DCF) Analysis Unlevered

Sculptor Capital Management, Inc. (SCU)

$8.84

+0.01 (+0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.63 | 8.84 | undervalue

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 858.34507.22597.35897.02626.07621.10616.16611.27606.42601.60
Revenue (%)
EBITDA 372.1622.7074.52281.1320.69117.95117.01116.08115.16114.25
EBITDA (%)
EBIT 361.8312.4066.07274.0112.16109.50108.63107.76106.91106.06
EBIT (%)
Depreciation 10.3310.318.457.128.528.458.398.328.258.19
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 469.51315.81240.94183.81754.40370.53367.59364.67361.77358.90
Total Cash (%)
Account Receivables 382.66103.60230.75553.71221.67249.39247.41245.45243.50241.57
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -4.99-5.83-1.94-2.64-3.68-3.65-3.62-3.59-3.56-3.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.84
Beta 1.742
Diluted Shares Outstanding 40.81
Cost of Debt
Tax Rate 144.94
After-tax Cost of Debt -3.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.024
Total Debt 231.23
Total Equity 360.77
Total Capital 591.99
Debt Weighting 39.06
Equity Weighting 60.94
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 858.34507.22597.35897.02626.07621.10616.16611.27606.42601.60
EBITDA 372.1622.7074.52281.1320.69117.95117.01116.08115.16114.25
EBIT 361.8312.4066.07274.0112.16109.50108.63107.76106.91106.06
Tax Rate 95.53%33.29%48.61%22.75%144.94%69.03%69.03%69.03%69.03%69.03%
EBIAT 16.168.2733.95211.67-5.4733.9133.6533.3833.1132.85
Depreciation 10.3310.318.457.128.528.458.398.328.258.19
Accounts Receivable -279.06-127.15-322.96332.04-27.721.981.961.951.93
Inventories ----------
Accounts Payable ----------
Capital Expenditure -4.99-5.83-1.94-2.64-3.68-3.65-3.62-3.59-3.56-3.53
UFCF 21.50291.81-86.69-106.81331.411140.4040.0739.7639.44
WACC
PV UFCF 10.3635.8633.5131.3229.28
SUM PV UFCF 140.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.14
Free cash flow (t + 1) 40.23
Terminal Value 971.72
Present Value of Terminal Value 721.35

Intrinsic Value

Enterprise Value 861.69
Net Debt 60.45
Equity Value 801.24
Shares Outstanding 40.81
Equity Value Per Share 19.63