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Kimberly-Clark Corp. – Sanitary Paper Product Manufacturing
Kimberly-Clark and its trusted brands are an indispensable part of life for people in more than 175 countries. Fueled by ingenuity, creativity, and an understanding of people's most essential needs, it creates products that help individuals experience more of what's important to them. Its portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Neve, Plenitud, Viva and WypAll, hold the No. 1 or No. 2 share position in 80 countries. It uses sustainable practices that support a healthy planet, build stronger communities, and ensure our business thrives for decades to come.
Analysis Results
Intrinsic Value $175.82
Latest Price $128.02
Relative Value 27% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 0.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 0.8%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 1.96 1.9
2024 1.98 1.86
2025 2.0 1.81
2026 2.01 1.77
2027 2.03 1.73
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 60.9 billion. This corresponds to a present value of 50.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 9.07 billion. Adding in the terminal value gives a total present value of 59.3 billion.

There are presently 337.0 million outstanding shares, so the intrinsic value per share is 175.82.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 5,729,000,000
Current Cash 427,000,000
Current Liabilities 7,334,000,000
Current Debt 844,000,000
Non-Cash Working Capital (NCWC) -1,188,000,000
Change in NCWC -167,000,000
EBIT 2,754,000,000
Tax Provision 495,000,000
Depreciation and Amortization 754,000,000
Capital Expenditure -876,000,000
Unlevered Free Cash Flow 1,909,938,925
Current Assets 5,565,000,000
Current Cash 270,000,000
Current Liabilities 6,749,000,000
Current Debt 433,000,000
Non-Cash Working Capital (NCWC) -1,021,000,000
Change in NCWC 65,000,000
EBIT 2,687,000,000
Tax Provision 479,000,000
Depreciation and Amortization 766,000,000
Capital Expenditure -1,007,000,000
Unlevered Free Cash Flow 1,956,943,607
Current Assets 5,174,000,000
Current Cash 303,000,000
Current Liabilities 6,443,000,000
Current Debt 486,000,000
Non-Cash Working Capital (NCWC) -1,086,000,000
Change in NCWC -316,000,000
EBIT 3,332,000,000
Tax Provision 676,000,000
Depreciation and Amortization 796,000,000
Capital Expenditure -1,217,000,000
Unlevered Free Cash Flow 1,861,786,458
Current Assets 5,057,000,000
Current Cash 442,000,000
Current Liabilities 6,919,000,000
Current Debt 1,534,000,000
Non-Cash Working Capital (NCWC) -770,000,000
Change in NCWC 56,000,000
EBIT 2,904,000,000
Tax Provision 576,000,000
Depreciation and Amortization 917,000,000
Capital Expenditure -1,209,000,000
Unlevered Free Cash Flow 2,064,789,037
Current Assets 5,041,000,000
Current Cash 539,000,000
Current Liabilities 6,536,000,000
Current Debt 1,208,000,000
Non-Cash Working Capital (NCWC) -826,000,000
Change in NCWC -516,000,000
EBIT 2,333,000,000
Tax Provision 471,000,000
Depreciation and Amortization 882,000,000
Capital Expenditure -877,000,000
Unlevered Free Cash Flow 1,248,491,127
Current Assets 5,211,000,000
Current Cash 616,000,000
Current Liabilities 5,858,000,000
Current Debt 953,000,000
Non-Cash Working Capital (NCWC) -310,000,000
Change in NCWC 211,000,000
EBIT 3,430,000,000
Tax Provision 776,000,000
Depreciation and Amortization 724,000,000
Capital Expenditure -785,000,000
Unlevered Free Cash Flow 2,720,006,462
Current Assets 5,115,000,000
Current Cash 923,000,000
Current Liabilities 5,846,000,000
Current Debt 1,133,000,000
Non-Cash Working Capital (NCWC) -521,000,000
Change in NCWC -648,000,000
EBIT 3,457,000,000
Tax Provision 922,000,000
Depreciation and Amortization 705,000,000
Capital Expenditure -771,000,000
Unlevered Free Cash Flow 1,728,242,279
Current Assets 5,426,000,000
Current Cash 619,000,000
Current Liabilities 6,349,000,000
Current Debt 1,669,000,000
Non-Cash Working Capital (NCWC) 127,000,000
Change in NCWC 257,000,000
EBIT 3,330,000,000
Tax Provision 418,000,000
Depreciation and Amortization 746,000,000
Capital Expenditure -1,056,000,000
Unlevered Free Cash Flow 2,339,035,040
Current Assets 5,559,000,000
Current Cash 789,000,000
Current Liabilities 6,226,000,000
Current Debt 1,326,000,000
Non-Cash Working Capital (NCWC) -130,000,000
Change in NCWC -659,000,000
EBIT 3,120,000,000
Tax Provision 856,000,000
Depreciation and Amortization 862,000,000
Capital Expenditure -1,039,000,000
Unlevered Free Cash Flow 1,171,663,473
Current Assets 6,550,000,000
Current Cash 1,054,000,000
Current Liabilities 5,848,000,000
Current Debt 881,000,000
Non-Cash Working Capital (NCWC) 529,000,000
Change in NCWC 22,000,000
EBIT 3,417,000,000
Tax Provision 929,000,000
Depreciation and Amortization 863,000,000
Capital Expenditure -953,000,000
Unlevered Free Cash Flow 2,341,256,190
Current Assets 6,589,000,000
Current Cash 1,106,000,000
Current Liabilities 6,091,000,000
Current Debt 1,115,000,000
Non-Cash Working Capital (NCWC) 507,000,000
Change in NCWC -321,000,000
EBIT 2,856,000,000
Tax Provision 768,000,000
Depreciation and Amortization 857,000,000
Capital Expenditure -1,093,000,000
Unlevered Free Cash Flow 1,454,081,664

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