Discounted Cash Flow (DCF) Analysis Unlevered

Strattec Security Corporation (STRT)

$22.85

+0.05 (+0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.76 | 22.85 | undervalue

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 487.01385.30485.29452.27492.95501.89511520.27529.71539.32
Revenue (%)
EBITDA 30.2212.1355.1028.8810.7829.3929.9230.4631.0231.58
EBITDA (%)
EBIT 13.06-7.2035.319.50-6.718.869.029.199.359.52
EBIT (%)
Depreciation 17.1619.3319.7919.3817.4920.5320.9021.2821.6622.06
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 7.8111.7714.468.7720.5713.8014.0614.3114.5714.83
Total Cash (%)
Account Receivables 84.2341.9669.9075.8389.8177.8779.2880.7282.1883.67
Account Receivables (%)
Inventories 47.2654.4070.8680.4877.6072.2373.5474.8876.2477.62
Inventories (%)
Accounts Payable 41.8918.5536.7343.9557.9342.6143.3944.1744.9745.79
Accounts Payable (%)
Capital Expenditure -17.45-12.38-8.93-14.19-17.37-15.36-15.63-15.92-16.21-16.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.85
Beta 1.175
Diluted Shares Outstanding 3.92
Cost of Debt
Tax Rate 13.02
After-tax Cost of Debt 6.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.141
Total Debt 13
Total Equity 89.59
Total Capital 102.59
Debt Weighting 12.67
Equity Weighting 87.33
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 487.01385.30485.29452.27492.95501.89511520.27529.71539.32
EBITDA 30.2212.1355.1028.8810.7829.3929.9230.4631.0231.58
EBIT 13.06-7.2035.319.50-6.718.869.029.199.359.52
Tax Rate 37.88%27.90%35.64%24.22%13.02%27.73%27.73%27.73%27.73%27.73%
EBIAT 8.11-5.1922.737.20-5.836.406.526.646.766.88
Depreciation 17.1619.3319.7919.3817.4920.5320.9021.2821.6622.06
Accounts Receivable -42.28-27.95-5.93-13.9811.94-1.41-1.44-1.46-1.49
Inventories --7.14-16.46-9.622.885.36-1.31-1.33-1.36-1.38
Accounts Payable --23.3418.187.2213.98-15.310.770.790.800.82
Capital Expenditure -17.45-12.38-8.93-14.19-17.37-15.36-15.63-15.92-16.21-16.50
UFCF 7.8213.557.354.07-2.8413.579.8310.0110.1910.38
WACC
PV UFCF 12.378.187.597.056.54
SUM PV UFCF 41.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.67
Free cash flow (t + 1) 10.59
Terminal Value 138.04
Present Value of Terminal Value 87.01

Intrinsic Value

Enterprise Value 128.74
Net Debt -7.57
Equity Value 136.31
Shares Outstanding 3.92
Equity Value Per Share 34.76