Discounted Cash Flow (DCF) Analysis Unlevered

Unilever PLC (UNA.AS)

44.195 €

+0.14 (+0.32%)

All numbers are in Millions, Currency in USD

Stock DCF: 149.17 | 44.195 | 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	50,982	51,980	50,724	52,444	60,073	62,698.05	65,437.81	68,297.30	71,281.73	74,396.58
Revenue (%)
EBITDA	14,746	11,122	10,751	10,810	13,101	14,287.21	14,911.53	15,563.13	16,243.20	16,952.99
EBITDA (%)
EBIT	12,999	9,140	8,733	9,047	11,155	12,052.76	12,579.44	13,129.13	13,702.84	14,301.62
EBIT (%)
Depreciation	1,747	1,982	2,018	1,763	1,946	2,234.45	2,332.10	2,434	2,540.36	2,651.37
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	4,104	5,092	6,297	4,495	5,523	6,022.16	6,285.31	6,559.97	6,846.62	7,145.80
Total Cash (%)
Account Receivables	-194	-197.80	-193.02	-199.56	-228.59	-238.58	-249.01	-259.89	-271.25	-283.10
Account Receivables (%)
Inventories	4,301	4,164	4,462	4,683	5,931	5,523.22	5,764.58	6,016.48	6,279.38	6,553.78
Inventories (%)
Accounts Payable	14,457	14,768	14,132	14,861	18,023	17,927.54	18,710.93	19,528.56	20,381.91	21,272.56
Accounts Payable (%)
Capital Expenditure	-1,424	-1,429	-932	-1,239	-1,627	-1,561.25	-1,629.48	-1,700.68	-1,775	-1,852.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 44.195
Beta	0.187
Diluted Shares Outstanding	2,559.80
Cost of Debt
Tax Rate	26.07
After-tax Cost of Debt	3.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.039
Total Debt	28,439
Total Equity	113,130.36
Total Capital	141,569.36
Debt Weighting	20.09
Equity Weighting	79.91
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	50,982	51,980	50,724	52,444	60,073	62,698.05	65,437.81	68,297.30	71,281.73	74,396.58
EBITDA	14,746	11,122	10,751	10,810	13,101	14,287.21	14,911.53	15,563.13	16,243.20	16,952.99
EBIT	12,999	9,140	8,733	9,047	11,155	12,052.76	12,579.44	13,129.13	13,702.84	14,301.62
Tax Rate	24.18%	32.14%	30.20%	29.30%	26.07%	28.38%	28.38%	28.38%	28.38%	28.38%
EBIAT	9,856.06	6,202.50	6,095.41	6,396.13	8,246.74	8,632.37	9,009.58	9,403.28	9,814.18	10,243.04
Depreciation	1,747	1,982	2,018	1,763	1,946	2,234.45	2,332.10	2,434	2,540.36	2,651.37
Accounts Receivable	-	3.80	-4.78	6.55	29.03	9.99	10.43	10.88	11.36	11.85
Inventories	-	137	-298	-221	-1,248	407.78	-241.35	-251.90	-262.91	-274.39
Accounts Payable	-	311	-636	729	3,162	-95.46	783.39	817.62	853.35	890.64
Capital Expenditure	-1,424	-1,429	-932	-1,239	-1,627	-1,561.25	-1,629.48	-1,700.68	-1,775	-1,852.56
UFCF	10,179.06	7,207.30	6,242.63	7,434.68	10,508.77	9,627.88	10,264.67	10,713.21	11,181.35	11,669.95
WACC
PV UFCF						9,200.95	9,374.53	9,350.32	9,326.17	9,302.09
SUM PV UFCF										46,554.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.64
Free cash flow (t + 1)	11,903.35
Terminal Value	450,884.60
Present Value of Terminal Value	359,398.90

Intrinsic Value

Enterprise Value	405,952.97
Net Debt	24,113
Equity Value	381,839.97
Shares Outstanding	2,559.80
Equity Value Per Share	149.17