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SunCoke Energy Inc – Iron and Steel Mills and Ferroalloy Manufacturing
through continuous innovation and industry-leading technology, suncoke energy has become the largest independent producer of high-quality metallurgical coke in the americas and has over 45 years of metallurgical coke production experience. we are internationally recognized as a leading provider of heat recovery cokemaking technology that meets or exceeds applicable environmental standards and that produces some of the highest coke quality in the market. suncoke energy operates cokemaking facilities that produce over 5 million tons of metallurgical coke per year for integrated steelmakers utilizing blast furnace technology. we bring superior heat-recovery technology, capital, and people to make the best coke in the market. we will build, own, and operate a coke plant with clients, delivering substantial benefits.
Analysis Results
Intrinsic Value $96.35
Latest Price $9.46
Relative Value 90% undervalued
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Cash Flow (Millions)
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 10.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.0%, 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 (million) Present value (million)
2023 209 199
2024 229 209
2025 252 220
2026 277 231
2027 305 243
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 9140 million. This corresponds to a present value of 6970 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1100 million. Adding in the terminal value gives a total present value of 8070 million.

There are presently 83.8 million outstanding shares, so the intrinsic value per share is 96.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 374,000,000
Current Cash 90,000,000
Current Liabilities 224,000,000
Current Debt 3,300,000
Non-Cash Working Capital (NCWC) 63,300,000
Change in NCWC 34,200,000
EBIT 153,700,000
Tax Provision 16,800,000
Depreciation and Amortization 142,500,000
Capital Expenditure -75,500,000
Unlevered Free Cash Flow 233,682,580
Current Assets 271,900,000
Current Cash 63,800,000
Current Liabilities 182,200,000
Current Debt 3,200,000
Non-Cash Working Capital (NCWC) 29,100,000
Change in NCWC 3,700,000
EBIT 141,500,000
Tax Provision 18,300,000
Depreciation and Amortization 133,900,000
Capital Expenditure -98,600,000
Unlevered Free Cash Flow 141,909,090
Current Assets 229,700,000
Current Cash 48,400,000
Current Liabilities 158,900,000
Current Debt 3,000,000
Non-Cash Working Capital (NCWC) 25,400,000
Change in NCWC 6,100,000
EBIT 69,700,000
Tax Provision 10,300,000
Depreciation and Amortization 133,700,000
Capital Expenditure -73,900,000
Unlevered Free Cash Flow 98,013,089
Current Assets 308,300,000
Current Cash 97,100,000
Current Liabilities 194,800,000
Current Debt 2,900,000
Non-Cash Working Capital (NCWC) 19,300,000
Change in NCWC -2,800,000
EBIT 103,100,000
Tax Provision -54,700,000
Depreciation and Amortization 143,800,000
Capital Expenditure -110,100,000
Unlevered Free Cash Flow 134,000,000
Current Assets 335,000,000
Current Cash 145,700,000
Current Liabilities 171,100,000
Current Debt 3,900,000
Non-Cash Working Capital (NCWC) 22,100,000
Change in NCWC 6,900,000
EBIT 118,700,000
Tax Provision 4,600,000
Depreciation and Amortization 141,600,000
Capital Expenditure -100,300,000
Unlevered Free Cash Flow 156,318,217
Current Assets 311,200,000
Current Cash 120,200,000
Current Liabilities 178,400,000
Current Debt 2,600,000
Non-Cash Working Capital (NCWC) 15,200,000
Change in NCWC 200,000
EBIT 102,900,000
Tax Provision -81,600,000
Depreciation and Amortization 128,200,000
Capital Expenditure -75,600,000
Unlevered Free Cash Flow 155,700,000
Current Assets 316,100,000
Current Cash 134,000,000
Current Liabilities 172,000,000
Current Debt 4,900,000
Non-Cash Working Capital (NCWC) 15,000,000
Change in NCWC -23,100,000
EBIT 111,300,000
Tax Provision 8,600,000
Depreciation and Amortization 114,200,000
Capital Expenditure -63,700,000
Unlevered Free Cash Flow 124,644,493
Current Assets 326,100,000
Current Cash 123,400,000
Current Liabilities 165,700,000
Current Debt 1,100,000
Non-Cash Working Capital (NCWC) 38,100,000
Change in NCWC -21,900,000
EBIT 58,200,000
Tax Provision -8,800,000
Depreciation and Amortization 109,100,000
Capital Expenditure -75,800,000
Unlevered Free Cash Flow 69,600,000
Current Assets 408,800,000
Current Cash 139,000,000
Current Liabilities 209,800,000
Current Debt 0
Non-Cash Working Capital (NCWC) 60,000,000
Change in NCWC 53,700,000
EBIT 91,600,000
Tax Provision 7,400,000
Depreciation and Amortization 96,100,000
Capital Expenditure -118,300,000
Unlevered Free Cash Flow 64,665,517
Current Assets 481,900,000
Current Cash 233,600,000
Current Liabilities 283,000,000
Current Debt 41,000,000
Non-Cash Working Capital (NCWC) 6,300,000
Change in NCWC 17,300,000
EBIT 109,100,000
Tax Provision 6,700,000
Depreciation and Amortization 96,000,000
Capital Expenditure -145,600,000
Unlevered Free Cash Flow 63,930,809
Current Assets 471,900,000
Current Cash 239,200,000
Current Liabilities 247,000,000
Current Debt 3,300,000
Non-Cash Working Capital (NCWC) -11,000,000
Change in NCWC -19,300,000
EBIT 173,700,000
Tax Provision 23,400,000
Depreciation and Amortization 80,800,000
Capital Expenditure -80,600,000
Unlevered Free Cash Flow 122,315,806

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