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Sculptor Capital Management Inc – Investment Advice
Sculptor Capital Management, Inc. is a leading global alternative asset management firm providing investment products in a range of areas including multi-strategy, credit and real estate. With offices in New York, London, Hong Kong and Shanghai, the Company serves global clients through commingled funds, separate accounts and specialized products. Sculptor Capital's distinct investment process seeks to generate attractive and consistent risk-adjusted returns across market cycles through a combination of fundamental bottom-up research, a high degree of flexibility, a collaborative team and integrated risk management. The Company's capabilities span all major geographies, in strategies including fundamental equities, corporate credit, real estate debt and equity, merger arbitrage and structured credit. As of January 1, 2021, Sculptor Capital had approximately $36.6 billion in assets under management.
Analysis Results
Intrinsic Value $38.65
Latest Price $9.43
Relative Value 76% undervalued
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Cash Flow (Billions)
Analysis Parameters
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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 -22.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 1.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -22.2%, 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)
2022 0.166 0.152
2023 0.129 0.109
2024 0.1 0.0775
2025 0.0781 0.0553
2026 0.0607 0.0395
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 0.885 billion. This corresponds to a present value of 0.527 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.433 billion. Adding in the terminal value gives a total present value of 0.961 billion.

There are presently 24.9 million outstanding shares, so the intrinsic value per share is 38.65.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,000,460,000
Current Cash 0
Current Liabilities 890,341,000
Current Debt 0
Non-Cash Working Capital (NCWC) 110,119,000
Change in NCWC -50,824,000
EBIT 67,084,000
Tax Provision 13,705,000
Depreciation and Amortization 9,058,000
Capital Expenditure -4,894,000
Unlevered Free Cash Flow -27,595,754
Current Assets 1,174,889,000
Current Cash 0
Current Liabilities 1,013,946,000
Current Debt 0
Non-Cash Working Capital (NCWC) 160,943,000
Change in NCWC 142,517,000
EBIT 364,711,000
Tax Provision 75,272,000
Depreciation and Amortization 7,124,000
Capital Expenditure -2,639,000
Unlevered Free Cash Flow 392,328,236
Current Assets 906,122,000
Current Cash 0
Current Liabilities 887,696,000
Current Debt 0
Non-Cash Working Capital (NCWC) 18,426,000
Change in NCWC -133,527,000
EBIT 38,751,000
Tax Provision 34,112,000
Depreciation and Amortization 8,449,000
Capital Expenditure -1,935,000
Unlevered Free Cash Flow -122,374,000
Current Assets 1,000,502,000
Current Cash 0
Current Liabilities 848,549,000
Current Debt 0
Non-Cash Working Capital (NCWC) 151,953,000
Change in NCWC 241,071,000
EBIT 12,417,000
Tax Provision 12,500,000
Depreciation and Amortization 10,308,000
Capital Expenditure -5,830,000
Unlevered Free Cash Flow 257,966,000
Current Assets 1,176,483,000
Current Cash 0
Current Liabilities 1,265,601,000
Current Debt 0
Non-Cash Working Capital (NCWC) -89,118,000
Change in NCWC 742,917,000
EBIT 471,931,000
Tax Provision 317,559,000
Depreciation and Amortization 10,334,000
Capital Expenditure -4,990,000
Unlevered Free Cash Flow 902,633,000
Current Assets 633,748,000
Current Cash 0
Current Liabilities 1,465,783,000
Current Debt 0
Non-Cash Working Capital (NCWC) -832,035,000
Change in NCWC -1,724,011,000
EBIT 107,000,000
Tax Provision 10,886,000
Depreciation and Amortization 19,882,000
Capital Expenditure -8,808,000
Unlevered Free Cash Flow -1,605,937,000
Current Assets 9,451,408,000
Current Cash 0
Current Liabilities 8,559,432,000
Current Debt 0
Non-Cash Working Capital (NCWC) 891,976,000
Change in NCWC -305,193,000
EBIT 313,601,000
Tax Provision 132,224,000
Depreciation and Amortization 11,331,000
Capital Expenditure -43,801,000
Unlevered Free Cash Flow -162,494,242
Current Assets 8,198,329,000
Current Cash 0
Current Liabilities 7,001,160,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,197,169,000
Change in NCWC -27,003,000
EBIT 866,443,000
Tax Provision 139,048,000
Depreciation and Amortization 6,990,000
Capital Expenditure -26,259,000
Unlevered Free Cash Flow 678,493,162
Current Assets 5,780,017,000
Current Cash 0
Current Liabilities 4,555,845,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,224,172,000
Change in NCWC 383,972,000
EBIT 1,367,599,000
Tax Provision 95,687,000
Depreciation and Amortization 8,251,000
Capital Expenditure 0
Unlevered Free Cash Flow 1,662,996,040
Current Assets 2,521,345,000
Current Cash 0
Current Liabilities 1,681,145,000
Current Debt 0
Non-Cash Working Capital (NCWC) 840,200,000
Change in NCWC 1,274,442,000
EBIT 851,961,000
Tax Provision 79,085,000
Depreciation and Amortization 9,362,000
Capital Expenditure -2,248,000
Unlevered Free Cash Flow 2,133,517,000

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