Discounted Cash Flow (DCF) Analysis Unlevered

KLX Energy Services Holdings, Inc. (KLXE)

$ 10.03
0.39 (+4.05%)

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 152.20320.50495.30544276362.72476.70626.48823.331,082.03
Revenue (%)
EBITDA -53.309.5063.6035.40-65-26.30-34.57-45.43-59.70-78.47
EBITDA (%)
EBIT -89.50-2422.10-28.70-126-81.80-107.50-141.28-185.67-244.02
EBIT (%)
Depreciation 36.2033.5041.5064.106155.5072.9395.85125.97165.55
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 --163.80123.504788.02115.68152.03199.80262.58
Total Cash (%)
Account Receivables 30.5073.90119.6079.206776.95101.13132.91174.67229.56
Account Receivables (%)
Inventories 9.3010.2015.40122015.8520.8427.3835.9947.29
Inventories (%)
Accounts Payable 15.4031.8047.3031.403935.9047.1962.0181.50107.10
Accounts Payable (%)
Capital Expenditure -29-48.80-84-70.80-12-49.77-65.40-85.96-112.96-148.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.03
Beta 3.453
Diluted Shares Outstanding 6.53
Cost of Debt
Tax Rate -0.30
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 29.950
Total Debt 244
Total Equity 65.47
Total Capital 309.47
Debt Weighting 78.84
Equity Weighting 21.16
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 152.20320.50495.30544276362.72476.70626.48823.331,082.03
EBITDA -53.309.5063.6035.40-65-26.30-34.57-45.43-59.70-78.47
EBIT -89.50-2422.10-28.70-126-81.80-107.50-141.28-185.67-244.02
Tax Rate -0.11%-0.42%4.00%8.10%-0.30%2.25%2.25%2.25%2.25%2.25%
EBIAT -89.60-24.1021.22-26.37-126.38-79.96-105.08-138.10-181.49-238.52
Depreciation 36.2033.5041.5064.106155.5072.9395.85125.97165.55
Accounts Receivable --43.40-45.7040.4012.20-9.95-24.18-31.78-41.76-54.89
Inventories --0.90-5.203.40-84.15-4.98-6.55-8.60-11.31
Accounts Payable -16.4015.50-15.907.60-3.1011.2814.8319.4925.61
Capital Expenditure -29-48.80-84-70.80-12-49.77-65.40-85.96-112.96-148.46
UFCF -82.40-67.30-56.68-5.17-65.58-83.13-115.43-151.70-199.36-262.01
WACC
PV UFCF -91.68-115.43-137.56-163.93-195.36
SUM PV UFCF -578.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.28
Free cash flow (t + 1) -272.49
Terminal Value -4,338.99
Present Value of Terminal Value -2,660.14

Intrinsic Value

Enterprise Value -3,238.97
Net Debt 197
Equity Value -3,435.97
Shares Outstanding 6.53
Equity Value Per Share -526.37