Discounted Cash Flow (DCF) Analysis Unlevered
Tupperware Brands Corporation (TUP)
$1.31
-0.09 (-6.43%)
All numbers are in Millions, Currency in USD
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 | 2,069.70 | 1,797.90 | 1,740.10 | 1,602.30 | 1,305.60 | 1,165.95 | 1,041.25 | 929.88 | 830.42 | 741.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 319.90 | 206.70 | 232.80 | 243.90 | 87.70 | 145.21 | 129.68 | 115.81 | 103.42 | 92.36 |
| EBITDA (%) | ||||||||||
| EBIT | 261.70 | 151.50 | 188.10 | 204.20 | 52.03 | 113.35 | 101.23 | 90.40 | 80.73 | 72.10 |
| EBIT (%) | ||||||||||
| Depreciation | 58.20 | 55.20 | 44.70 | 39.70 | 35.67 | 31.86 | 28.45 | 25.41 | 22.69 | 20.26 |
| 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 | 149 | 123.20 | 139.10 | 267.20 | 110.10 | 109.96 | 98.20 | 87.70 | 78.32 | 69.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 194.60 | 149.80 | 140.60 | 118.10 | 108.32 | 96.73 | 86.38 | 77.14 | 68.89 | 61.52 |
| Account Receivables (%) | ||||||||||
| Inventories | 257.70 | 245.20 | 236.30 | 232.20 | 176.78 | 157.87 | 140.99 | 125.91 | 112.44 | 100.41 |
| Inventories (%) | ||||||||||
| Accounts Payable | 129.20 | 125.40 | 485 | 123.30 | 159.23 | 142.20 | 126.99 | 113.41 | 101.28 | 90.45 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -75.40 | -61 | -27.90 | -35.10 | -33 | -31.15 | -27.82 | -24.84 | -22.18 | -19.81 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.31 |
|---|---|
| Beta | 2.775 |
| Diluted Shares Outstanding | 45.60 |
| Cost of Debt | |
| Tax Rate | 210.94 |
| After-tax Cost of Debt | -4.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.901 |
| Total Debt | 705.40 |
| Total Equity | 59.74 |
| Total Capital | 765.14 |
| Debt Weighting | 92.19 |
| Equity Weighting | 7.81 |
| 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 | 2,069.70 | 1,797.90 | 1,740.10 | 1,602.30 | 1,305.60 | 1,165.95 | 1,041.25 | 929.88 | 830.42 | 741.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 319.90 | 206.70 | 232.80 | 243.90 | 87.70 | 145.21 | 129.68 | 115.81 | 103.42 | 92.36 |
| EBIT | 261.70 | 151.50 | 188.10 | 204.20 | 52.03 | 113.35 | 101.23 | 90.40 | 80.73 | 72.10 |
| Tax Rate | 43.56% | 88.01% | 47.15% | 21.49% | 210.94% | 82.23% | 82.23% | 82.23% | 82.23% | 82.23% |
| EBIAT | 147.72 | 18.17 | 99.41 | 160.31 | -57.72 | 20.14 | 17.99 | 16.07 | 14.35 | 12.81 |
| Depreciation | 58.20 | 55.20 | 44.70 | 39.70 | 35.67 | 31.86 | 28.45 | 25.41 | 22.69 | 20.26 |
| Accounts Receivable | - | 44.80 | 9.20 | 22.50 | 9.78 | 11.59 | 10.35 | 9.24 | 8.25 | 7.37 |
| Inventories | - | 12.50 | 8.90 | 4.10 | 55.42 | 18.91 | 16.89 | 15.08 | 13.47 | 12.03 |
| Accounts Payable | - | -3.80 | 359.60 | -361.70 | 35.93 | -17.03 | -15.21 | -13.58 | -12.13 | -10.83 |
| Capital Expenditure | -75.40 | -61 | -27.90 | -35.10 | -33 | -31.15 | -27.82 | -24.84 | -22.18 | -19.81 |
| UFCF | 130.52 | 65.87 | 493.91 | -170.19 | 46.09 | 34.31 | 30.64 | 27.37 | 24.44 | 21.83 |
| WACC | ||||||||||
| PV UFCF | 35.44 | 32.70 | 30.16 | 27.82 | 25.67 | |||||
| SUM PV UFCF | 151.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -3.19 |
| Free cash flow (t + 1) | 22.26 |
| Terminal Value | -428.94 |
| Present Value of Terminal Value | -504.42 |
Intrinsic Value
| Enterprise Value | -352.63 |
|---|---|
| Net Debt | 595.30 |
| Equity Value | -947.93 |
| Shares Outstanding | 45.60 |
| Equity Value Per Share | -20.79 |