Discounted Cash Flow (DCF) Analysis Unlevered

SunCoke Energy, Inc. (SXC)

$9.23

+0.17 (+1.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 21.67 | 9.23 | 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 1,450.901,600.301,3331,4561,972.502,161.342,368.272,5952,843.443,115.66
Revenue (%)
EBITDA 233.80-2.90204238.10292269.71295.53323.82354.82388.79
EBITDA (%)
EBIT 92.20-146.7070.30104.20149.5074.3481.4689.2597.80107.16
EBIT (%)
Depreciation 141.60143.80133.70133.90142.50195.37214.07234.57257.02281.63
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 145.7097.1048.4063.8090124135.87148.88163.13178.75
Total Cash (%)
Account Receivables 76.1061.7051.8077.60104.80102.14111.92122.64134.38147.24
Account Receivables (%)
Inventories 110.40147126.60127175.20189.75207.92227.82249.64273.54
Inventories (%)
Accounts Payable 115142.40104.10126159.30178.80195.92214.68235.23257.75
Accounts Payable (%)
Capital Expenditure -100.30-110.10-73.90-98.60-75.50-129.41-141.79-155.37-170.24-186.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.23
Beta 1.251
Diluted Shares Outstanding 84.60
Cost of Debt
Tax Rate 17.26
After-tax Cost of Debt 5.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.437
Total Debt 528.90
Total Equity 780.86
Total Capital 1,309.76
Debt Weighting 40.38
Equity Weighting 59.62
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 1,450.901,600.301,3331,4561,972.502,161.342,368.272,5952,843.443,115.66
EBITDA 233.80-2.90204238.10292269.71295.53323.82354.82388.79
EBIT 92.20-146.7070.30104.20149.5074.3481.4689.2597.80107.16
Tax Rate 54.04%25.01%80.63%35.32%17.26%42.45%42.45%42.45%42.45%42.45%
EBIAT 42.38-110.0113.6267.40123.7042.7846.8851.3756.2861.67
Depreciation 141.60143.80133.70133.90142.50195.37214.07234.57257.02281.63
Accounts Receivable -14.409.90-25.80-27.202.66-9.78-10.72-11.74-12.86
Inventories --36.6020.40-0.40-48.20-14.55-18.17-19.91-21.81-23.90
Accounts Payable -27.40-38.3021.9033.3019.5017.1218.7620.5522.52
Capital Expenditure -100.30-110.10-73.90-98.60-75.50-129.41-141.79-155.37-170.24-186.54
UFCF 83.68-71.1165.4298.40148.60116.35108.33118.70130.06142.51
WACC
PV UFCF 108.0893.4895.1596.8598.58
SUM PV UFCF 492.14

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.65
Free cash flow (t + 1) 145.37
Terminal Value 2,572.84
Present Value of Terminal Value 1,779.68

Intrinsic Value

Enterprise Value 2,271.82
Net Debt 438.90
Equity Value 1,832.92
Shares Outstanding 84.60
Equity Value Per Share 21.67