Discounted Cash Flow (DCF) Analysis Unlevered

SunCoke Energy, Inc. (SXC)

$8.62

+0.10 (+1.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 23.73 | 8.62 | undervalue

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 1,331.501,450.901,600.301,3331,4561,498.911,543.091,588.561,635.381,683.58
Revenue (%)
EBITDA 229.60233.80-2.90204238.10194.36200.09205.98212.05218.30
EBITDA (%)
EBIT 101.4092.20-146.7070.30104.2051.6653.1954.7556.3758.03
EBIT (%)
Depreciation 128.20141.60143.80133.70133.90142.70146.90151.23155.69160.28
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 120.20145.7097.1048.4063.8099.38102.31105.32108.43111.62
Total Cash (%)
Account Receivables 73.3076.1061.7051.8077.6071.4173.5275.6877.9180.21
Account Receivables (%)
Inventories 111110.40147126.60127129.96133.79137.73141.79145.97
Inventories (%)
Accounts Payable 115.50115142.40104.10126125.80129.50133.32137.25141.29
Accounts Payable (%)
Capital Expenditure -75.60-100.30-110.10-73.90-98.60-95.29-98.10-100.99-103.97-107.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.62
Beta 1.222
Diluted Shares Outstanding 83.70
Cost of Debt
Tax Rate 35.32
After-tax Cost of Debt 4.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.272
Total Debt 613.60
Total Equity 721.49
Total Capital 1,335.09
Debt Weighting 45.96
Equity Weighting 54.04
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 1,331.501,450.901,600.301,3331,4561,498.911,543.091,588.561,635.381,683.58
EBITDA 229.60233.80-2.90204238.10194.36200.09205.98212.05218.30
EBIT 101.4092.20-146.7070.30104.2051.6653.1954.7556.3758.03
Tax Rate -458.90%54.04%25.01%80.63%35.32%-52.78%-52.78%-52.78%-52.78%-52.78%
EBIAT 566.7342.38-110.0113.6267.4078.9381.2683.6586.1288.66
Depreciation 128.20141.60143.80133.70133.90142.70146.90151.23155.69160.28
Accounts Receivable --2.8014.409.90-25.806.19-2.10-2.17-2.23-2.30
Inventories -0.60-36.6020.40-0.40-2.96-3.83-3.94-4.06-4.18
Accounts Payable --0.5027.40-38.3021.90-0.203.713.823.934.04
Capital Expenditure -75.60-100.30-110.10-73.90-98.60-95.29-98.10-100.99-103.97-107.03
UFCF 619.3380.98-71.1165.4298.40129.36127.83131.60135.48139.47
WACC
PV UFCF 120.82111.51107.21103.0999.12
SUM PV UFCF 541.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.07
Free cash flow (t + 1) 142.26
Terminal Value 2,805.94
Present Value of Terminal Value 1,994.07

Intrinsic Value

Enterprise Value 2,535.81
Net Debt 549.80
Equity Value 1,986.01
Shares Outstanding 83.70
Equity Value Per Share 23.73