Discounted Cash Flow (DCF) Analysis Unlevered

Tupperware Brands Corporation (TUP)

$7.65

-0.27 (-3.41%)
All numbers are in Millions, Currency in USD
Stock DCF: -4.47 | 7.65 | 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 2,255.802,069.701,797.901,740.101,602.301,472.051,352.391,242.451,141.451,048.66
Revenue (%)
EBITDA 291.70380.90200.10295.60136.10200.04183.78168.84155.11142.50
EBITDA (%)
EBIT 231.20322.70144.90250.9096.40159.97146.96135.02124.04113.96
EBIT (%)
Depreciation 60.5058.2055.2044.7039.7040.0736.8133.8231.0728.55
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 144.10149123.20139.10267.20132.81122.01112.09102.9894.61
Total Cash (%)
Account Receivables 170.80167.90133.80140.60118.10113.57104.3495.8688.0780.91
Account Receivables (%)
Inventories 262.20257.70245.20236.30232.20193.67177.93163.47150.18137.97
Inventories (%)
Accounts Payable 124.40129.20125.40135.10123.30100.6692.4884.9678.0571.71
Accounts Payable (%)
Capital Expenditure -72.30-75.40-61-27.90-35.10-41.32-37.96-34.88-32.04-29.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.65
Beta 2.259
Diluted Shares Outstanding 52.30
Cost of Debt
Tax Rate 90.62
After-tax Cost of Debt 0.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.359
Total Debt 786.40
Total Equity 400.10
Total Capital 1,186.49
Debt Weighting 66.28
Equity Weighting 33.72
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 2,255.802,069.701,797.901,740.101,602.301,472.051,352.391,242.451,141.451,048.66
EBITDA 291.70380.90200.10295.60136.10200.04183.78168.84155.11142.50
EBIT 231.20322.70144.90250.9096.40159.97146.96135.02124.04113.96
Tax Rate 243.38%43.56%88.01%47.15%90.62%102.54%102.54%102.54%102.54%102.54%
EBIAT -331.50182.1517.38132.609.05-4.07-3.74-3.43-3.15-2.90
Depreciation 60.5058.2055.2044.7039.7040.0736.8133.8231.0728.55
Accounts Receivable -2.9034.10-6.8022.504.539.238.487.797.16
Inventories -4.5012.508.904.1038.5315.7414.4613.2912.21
Accounts Payable -4.80-3.809.70-11.80-22.64-8.18-7.52-6.91-6.35
Capital Expenditure -72.30-75.40-61-27.90-35.10-41.32-37.96-34.88-32.04-29.44
UFCF -343.30177.1554.38161.2028.4515.1011.9110.9410.059.24
WACC
PV UFCF 14.3610.789.428.237.19
SUM PV UFCF 49.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.12
Free cash flow (t + 1) 9.42
Terminal Value 301.92
Present Value of Terminal Value 235.22

Intrinsic Value

Enterprise Value 285.20
Net Debt 519.20
Equity Value -234
Shares Outstanding 52.30
Equity Value Per Share -4.47