Discounted Cash Flow (DCF) Analysis Unlevered

Strattec Security Corporation (STRT)

$19.25

-0.05 (-0.26%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.21 | 19.25 | overvalue

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 439.19487.01385.30485.29452.27462.61473.19484.01495.08506.40
Revenue (%)
EBITDA 30.08-610.3847.7327.0522.3222.8323.3623.8924.44
EBITDA (%)
EBIT 15.49-23.15-8.9527.947.673.613.693.783.873.95
EBIT (%)
Depreciation 14.5817.1619.3319.7919.3818.7119.1419.5820.0220.48
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 8.097.8111.7714.468.7710.5710.8111.0611.3111.57
Total Cash (%)
Account Receivables 77.3986.3444.8775.6278.3273.9275.6177.3479.1180.92
Account Receivables (%)
Inventories 46.6547.2654.4070.8680.4861.8463.2664.7166.1967.70
Inventories (%)
Accounts Payable 38.4441.8918.5536.7343.9536.5037.3438.1939.0739.96
Accounts Payable (%)
Capital Expenditure -24.13-17.45-12.38-8.93-14.19-15.98-16.34-16.72-17.10-17.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.25
Beta 1.206
Diluted Shares Outstanding 3.85
Cost of Debt
Tax Rate 24.22
After-tax Cost of Debt 1.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.428
Total Debt 11
Total Equity 74.15
Total Capital 85.15
Debt Weighting 12.92
Equity Weighting 87.08
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 439.19487.01385.30485.29452.27462.61473.19484.01495.08506.40
EBITDA 30.08-610.3847.7327.0522.3222.8323.3623.8924.44
EBIT 15.49-23.15-8.9527.947.673.613.693.783.873.95
Tax Rate 30.60%16.66%6.38%35.64%24.22%22.70%22.70%22.70%22.70%22.70%
EBIAT 10.75-19.30-8.3817.995.812.792.862.922.993.06
Depreciation 14.5817.1619.3319.7919.3818.7119.1419.5820.0220.48
Accounts Receivable --8.9541.47-30.75-2.704.40-1.69-1.73-1.77-1.81
Inventories --0.61-7.14-16.46-9.6218.64-1.41-1.45-1.48-1.51
Accounts Payable -3.45-23.3418.187.22-7.450.830.850.870.89
Capital Expenditure -24.13-17.45-12.38-8.93-14.19-15.98-16.34-16.72-17.10-17.49
UFCF 1.20-25.699.56-0.195.9121.123.383.463.543.62
WACC
PV UFCF 19.482.882.712.562.42
SUM PV UFCF 30.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.41
Free cash flow (t + 1) 3.69
Terminal Value 57.58
Present Value of Terminal Value 38.45

Intrinsic Value

Enterprise Value 68.50
Net Debt 2.23
Equity Value 66.28
Shares Outstanding 3.85
Equity Value Per Share 17.21