Discounted Cash Flow (DCF) Analysis Unlevered

Sealed Air Corporation (SEE)

$42.8

+0.11 (+0.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 57.22 | 42.8 | 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 4,732.704,791.104,903.205,533.805,641.905,901.266,172.546,456.306,753.107,063.54
Revenue (%)
EBITDA 824.80674.501,003.801,0861,076.501,070.291,119.501,170.961,224.791,281.09
EBITDA (%)
EBIT 693.60523.70829.60899.60891.90880.12920.58962.901,007.171,053.47
EBIT (%)
Depreciation 131.20150.80174.20186.40184.60190.17198.91208.06217.62227.63
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 271.70262.40548.70561456.10479.54501.58524.64548.76573.99
Total Cash (%)
Account Receivables 613.10669.60681.70732.80696.60783.96820857.69897.12938.36
Account Receivables (%)
Inventories 544.90570.30596.70725.70866.30756.01790.77827.12865.14904.91
Inventories (%)
Accounts Payable 765738.50754.20959.90865.60940.05983.271,028.471,075.751,125.20
Accounts Payable (%)
Capital Expenditure -168.60-189.70-181.10-213.10-237.30-227.46-237.92-248.86-260.30-272.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.8
Beta 1.247
Diluted Shares Outstanding 147.40
Cost of Debt
Tax Rate 32.59
After-tax Cost of Debt 2.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.266
Total Debt 3,752.10
Total Equity 6,308.72
Total Capital 10,060.82
Debt Weighting 37.29
Equity Weighting 62.71
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 4,732.704,791.104,903.205,533.805,641.905,901.266,172.546,456.306,753.107,063.54
EBITDA 824.80674.501,003.801,0861,076.501,070.291,119.501,170.961,224.791,281.09
EBIT 693.60523.70829.60899.60891.90880.12920.58962.901,007.171,053.47
Tax Rate 57.82%28.98%19.69%29.24%32.59%33.66%33.66%33.66%33.66%33.66%
EBIAT 292.56371.95666.25636.58601.20583.84610.68638.76668.12698.83
Depreciation 131.20150.80174.20186.40184.60190.17198.91208.06217.62227.63
Accounts Receivable --56.50-12.10-51.1036.20-87.36-36.04-37.70-39.43-41.24
Inventories --25.40-26.40-129-140.60110.29-34.75-36.35-38.02-39.77
Accounts Payable --26.5015.70205.70-94.3074.4543.2145.2047.2849.45
Capital Expenditure -168.60-189.70-181.10-213.10-237.30-227.46-237.92-248.86-260.30-272.26
UFCF 255.16224.65636.55635.48349.80643.94544.10569.11595.27622.64
WACC
PV UFCF 602.37476.13465.87455.83446.01
SUM PV UFCF 2,446.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 635.09
Terminal Value 12,961.07
Present Value of Terminal Value 9,284.37

Intrinsic Value

Enterprise Value 11,730.59
Net Debt 3,296
Equity Value 8,434.59
Shares Outstanding 147.40
Equity Value Per Share 57.22