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SunCoke Energy Inc – Iron and Steel Mills and Ferroalloy Manufacturing
SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke used in the blast furnace production of steel, under long-term, take-or-pay contracts that pass through commodity and certain operating costs to customers. We utilize an innovative heat-recovery technology that captures excess heat for steam or electrical power generation. Our cokemaking facilities are located in Illinois, Indiana, Ohio, Virginia and Brazil. We have more than 55 years of cokemaking experience serving the integrated steel industry. In addition, we provide export and domestic material handling services to coke, coal, steel, power and other bulk and liquids customers. Our logistics terminals have the collective capacity to mix and transload more than 40 million tons of material each year and are strategically located to reach Gulf Coast, East Coast, Great Lakes and international ports.
Analysis Results
Intrinsic Value $60.80
Latest Price $7.19
Relative Value 88% 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 7.1%. 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 209 195
2024 229 200
2025 252 205
2026 277 211
2027 305 217
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6120 million. This corresponds to a present value of 4060 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1030 million. Adding in the terminal value gives a total present value of 5090 million.

There are presently 83.7 million outstanding shares, so the intrinsic value per share is 60.8.

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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