Discounted Cash Flow (DCF) Analysis Unlevered

Spectrum Brands Holdings, Inc. (SPB)

$68.73

+0.33 (+0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -55.42 | 68.73 | 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 5,008.503,145.903,802.103,964.202,998.102,7252,476.772,251.152,046.091,859.71
Revenue (%)
EBITDA 713.70703.90867.70461.70396.70459.57417.71379.66345.07313.64
EBITDA (%)
EBIT 514.40572.20686.90313.20279.70347.47315.82287.05260.90237.13
EBIT (%)
Depreciation 199.30131.70180.80148.50117112.10101.8992.6184.1776.51
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 270.10552.50627.10531.60187.90322.24292.88266.20241.96219.91
Total Cash (%)
Account Receivables 569.80289.90430.90575.30312.10309.82281.60255.94232.63211.44
Account Receivables (%)
Inventories 775.50503.40548.40557.70562.80429.18390.09354.55322.26292.90
Inventories (%)
Accounts Payable 729.10436.10456.80557.50388.60367.65334.16303.72276.05250.91
Accounts Payable (%)
Capital Expenditure -115-64.70-58.40-61-43.60-48.41-44-39.99-36.35-33.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 68.73
Beta 1.288
Diluted Shares Outstanding 43.20
Cost of Debt
Tax Rate 1,808.11
After-tax Cost of Debt -78.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.932
Total Debt 2,550.80
Total Equity 2,969.14
Total Capital 5,519.94
Debt Weighting 46.21
Equity Weighting 53.79
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 5,008.503,145.903,802.103,964.202,998.102,7252,476.772,251.152,046.091,859.71
EBITDA 713.70703.90867.70461.70396.70459.57417.71379.66345.07313.64
EBIT 514.40572.20686.90313.20279.70347.47315.82287.05260.90237.13
Tax Rate 29.89%591.55%343.50%37.07%1,808.11%562.02%562.02%562.02%562.02%562.02%
EBIAT 360.62-2,812.68-1,672.59197.11-4,777.58-1,605.38-1,459.14-1,326.23-1,205.42-1,095.61
Depreciation 199.30131.70180.80148.50117112.10101.8992.6184.1776.51
Accounts Receivable -279.90-141-144.40263.202.2828.2225.6523.3121.19
Inventories -272.10-45-9.30-5.10133.6239.1035.5332.3029.36
Accounts Payable --29320.70100.70-168.90-20.95-33.49-30.44-27.67-25.15
Capital Expenditure -115-64.70-58.40-61-43.60-48.41-44-39.99-36.35-33.03
UFCF 444.92-2,486.68-1,715.49231.61-4,614.98-1,426.73-1,367.42-1,242.86-1,129.64-1,026.74
WACC
PV UFCF -2,075.85-2,894.74-3,828.10-5,062.40-6,694.68
SUM PV UFCF -20,555.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -31.27
Free cash flow (t + 1) -1,047.28
Terminal Value 3,147.81
Present Value of Terminal Value 20,524.71

Intrinsic Value

Enterprise Value -31.06
Net Debt 2,362.90
Equity Value -2,393.96
Shares Outstanding 43.20
Equity Value Per Share -55.42