Discounted Cash Flow (DCF) Analysis Unlevered

Tronox Holdings plc (TROX)

$11.49

-0.12 (-1.03%)
All numbers are in Millions, Currency in USD
Stock DCF: -50.51 | 11.49 | 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 1,6981,8192,6422,7583,5724,342.445,279.056,417.697,801.919,484.69
Revenue (%)
EBITDA -113188106571800441.13536.27651.94792.56963.50
EBITDA (%)
EBIT -11318810626750321.2725.8631.4438.2246.47
EBIT (%)
Depreciation ---304297419.85510.41620.50754.33917.03
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 1,1161,0343026192281,414.131,719.142,089.942,540.713,088.71
Total Cash (%)
Account Receivables 344319488544637814.86990.611,204.271,464.021,779.80
Account Receivables (%)
Inventories 4734791,1311,1371,0481,455.261,769.152,150.732,614.623,178.56
Inventories (%)
Accounts Payable 165133342356438478.92582.21707.79860.451,046.04
Accounts Payable (%)
Capital Expenditure -91-117-198-195-272-295.03-358.67-436.03-530.07-644.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.49
Beta 1.889
Diluted Shares Outstanding 144.91
Cost of Debt
Tax Rate 23.53
After-tax Cost of Debt 4.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.611
Total Debt 2,657
Total Equity 1,664.97
Total Capital 4,321.97
Debt Weighting 61.48
Equity Weighting 38.52
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 1,6981,8192,6422,7583,5724,342.445,279.056,417.697,801.919,484.69
EBITDA -113188106571800441.13536.27651.94792.56963.50
EBIT -11318810626750321.2725.8631.4438.2246.47
Tax Rate -227.59%116.28%-23.86%-750.00%23.53%-172.33%-172.33%-172.33%-172.33%-172.33%
EBIAT -370.17-30.60131.302,269.50384.6557.9370.4385.62104.09126.54
Depreciation ---304297419.85510.41620.50754.33917.03
Accounts Receivable -25-169-56-93-177.86-175.76-213.66-259.75-315.77
Inventories --6-652-689-407.26-313.88-381.58-463.89-563.94
Accounts Payable --32209148240.92103.30125.58152.66185.59
Capital Expenditure -91-117-198-195-272-295.03-358.67-436.03-530.07-644.40
UFCF -461.17-160.60-678.702,330.50487.65-361.45-164.17-199.58-242.63-294.96
WACC
PV UFCF -336.42-142.22-160.92-182.08-206.03
SUM PV UFCF -1,027.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.44
Free cash flow (t + 1) -300.86
Terminal Value -5,530.45
Present Value of Terminal Value -3,863.05

Intrinsic Value

Enterprise Value -4,890.72
Net Debt 2,429
Equity Value -7,319.72
Shares Outstanding 144.91
Equity Value Per Share -50.51