Discounted Cash Flow (DCF) Analysis Unlevered

K+S Aktiengesellschaft (SDF.DE)

22.42 €

+0.01 (+0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.22 | 22.42 | 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 3,6274,039.104,070.702,432.103,213.103,245.263,277.733,310.533,343.663,377.13
Revenue (%)
EBITDA 660.20552.80703.10545.601,741816.37824.54832.79841.12849.54
EBITDA (%)
EBIT 354.30173.70271.20-1,7233,259.80333.23336.56339.93343.33346.77
EBIT (%)
Depreciation 305.90379.10431.902,268.60-1,518.80483.14487.98492.86497.79502.77
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 301.60265396.60353709397.21401.19405.20409.26413.35
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 690.90691.50789.30483.50496.50589.93595.83601.80607.82613.90
Inventories (%)
Accounts Payable 288.40239.70241.30187.30186.90216.34218.50220.69222.90225.13
Accounts Payable (%)
Capital Expenditure -754.80-514.70-505.90-536.40-358.70-514.05-519.19-524.39-529.64-534.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.42
Beta 0.959
Diluted Shares Outstanding 191.40
Cost of Debt
Tax Rate -22.98
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.044
Total Debt -
Total Equity 4,291.19
Total Capital 4,291.19
Debt Weighting 0.00
Equity Weighting 100.00
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 3,6274,039.104,070.702,432.103,213.103,245.263,277.733,310.533,343.663,377.13
EBITDA 660.20552.80703.10545.601,741816.37824.54832.79841.12849.54
EBIT 354.30173.70271.20-1,7233,259.80333.23336.56339.93343.33346.77
Tax Rate 38.65%20.72%30.00%14.22%-22.98%16.12%16.12%16.12%16.12%16.12%
EBIAT 217.36137.72189.84-1,477.974,008.84279.50282.30285.13287.98290.86
Depreciation 305.90379.10431.902,268.60-1,518.80483.14487.98492.86497.79502.77
Accounts Receivable ----------
Inventories --0.60-97.80305.80-13-93.43-5.90-5.96-6.02-6.08
Accounts Payable --48.701.60-54-0.4029.442.172.192.212.23
Capital Expenditure -754.80-514.70-505.90-536.40-358.70-514.05-519.19-524.39-529.64-534.94
UFCF -231.54-47.1819.64506.032,117.94184.61247.34249.82252.32254.85
WACC
PV UFCF 170.87211.90198.09185.19173.12
SUM PV UFCF 939.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.04
Free cash flow (t + 1) 259.94
Terminal Value 4,303.68
Present Value of Terminal Value 2,923.59

Intrinsic Value

Enterprise Value 3,862.77
Net Debt -390.80
Equity Value 4,253.57
Shares Outstanding 191.40
Equity Value Per Share 22.22