Complete KODK Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
KODK DCF Analysis
KODK (Eastman Kodak Company) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.1B | $1.0B | $1.0B | $990.0M | $968.3M | $949.2M | $932.3M |
| Revenue Growth % | - | -7.3% | -6.6% | -2.7% | -2.4% | -2.2% | -2.0% | -1.8% |
| EBIT | $81.0M | $4.0M | $-9.0M | $50.7M | $49.5M | $48.4M | $47.5M | $46.6M |
| EBIT Margin % | 6.7% | 0.4% | -0.9% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 16.1% | 13.8% | 7.3% | 15.3% | 16.3% | 17.2% | 18.2% | 19.2% |
| NOPAT | $67.9M | $3.4M | $-8.3M | $43.0M | $41.4M | $40.1M | $38.8M | $37.7M |
| NOPAT Margin % | 5.6% | 0.3% | -0.8% | 4.2% | 4.2% | 4.1% | 4.1% | 4.0% |
| Capex | $31.0M | $32.0M | $56.0M | $29.0M | $26.9M | $25.0M | $23.2M | $21.7M |
| Capex / Revenue % | 2.6% | 2.9% | 5.4% | 2.9% | 2.7% | 2.6% | 2.4% | 2.3% |
| Depreciation | $29.0M | $30.0M | $28.0M | $26.3M | $25.7M | $25.1M | $24.6M | $24.2M |
| D&A / Revenue % | 2.4% | 2.7% | 2.7% | 2.6% | 2.6% | 2.6% | 2.6% | 2.6% |
| Change in NWC | $-110.0M | $41.0M | $-95.0M | $-37.0M | $-28.8M | $-22.6M | $-17.7M | $-13.9M |
| NWC Change / Revenue % | -9.1% | 3.7% | -9.1% | -3.6% | -2.9% | -2.3% | -1.9% | -1.5% |
| Unlevered FCF | $175.9M | $-39.6M | $58.7M | $77.2M | $69.1M | $62.8M | $57.9M | $54.1M |
| UFCF % Chg. | - | -122.5% | 248.3% | 31.7% | -10.6% | -9.1% | -7.8% | -6.6% |
| FCF / Revenue % | 14.6% | -3.5% | 5.6% | 7.6% | 7.0% | 6.5% | 6.1% | 5.8% |
| Discount Factor | - | - | - | 0.880 | 0.774 | 0.681 | 0.599 | 0.527 |
| Present Value of FCF | - | - | - | $67.9M | $53.5M | $42.7M | $34.6M | $28.5M |
| Sum of PV of UFCF | - | - | - | $67.9M | $121.4M | $164.1M | $198.8M | $227.2M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 7.5% |
| Tax Rate | 15.3% |
| After Tax Cost of Debt | 6.3% |
| Risk Free Rate | 4.46% |
| Market Risk Premium | 4.3% |
| Beta | 3.94 |
| Cost of Equity | 21.5% |
| Total Debt | $499.0M |
| Market Cap | $468.9M |
| Total Capital | $967.9M |
| Debt Weighting | 51.6% |
| Equity Weighting | 48.4% |
| WACC | 13.7% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $54.1M |
| Terminal Value | $495.4M |
| PV of Terminal Value | $260.8M |
| Cumulative PV of UFCF | $227.2M |
| Net Debt | $298.0M |
| Equity Value | $190.1M |
| Shares Outstanding | 92.4M |
| Implied Share Price | $2 |
| Current Share Price | $6 |
| Implied Upside/(Downside) | -64.6% |
Valuation Summary
$2.06
Implied Price
$5.80
Current Price
-64.6%
Upside/Downside
13.7%
WACC
KODK Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 9 peer companies in Industrials
P/E Ratio
$11.52
+98.5%
Peer Median: 14.7x
EV/EBITDA
$9.49
+63.6%
Peer Median: 9.4x
P/S Ratio
$6.84
+17.9%
Peer Median: 0.5x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for KODK's business model and current situation.
Multiple Comparison
| Multiple | KODK Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 7.4x | 14.7x | 14.2x | -49.6% | Undervalued |
| EV/EBITDA | 9.4x | 9.4x | 15.4x | 0.0% | Fair Value |
| P/S Ratio | 0.5x | 0.5x | 1.6x | -15.2% | Fair Value |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $1.83B | 0.0x | 8.0x | 0.5x | |
| $1.41B | 12.7x | 14.9x | 3.8x | |
| $0.96B | 0.0x | 43.9x | 0.7x | |
| $0.63B | 0.0x | 26.4x | 0.1x | |
| $0.47B | 7.4x | 9.4x | 0.5x | |
| $0.25B | 2.8x | 1.1x | 0.2x | |
| $0.26B | 14.7x | 4.8x | 0.5x | |
| $0.25B | 16.2x | 8.0x | 0.6x | |
| $3034.21B | 31.4x | 22.4x | 7.6x |
KODK Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $0.78 | Latest 10-K |
| Book Value per Share | $9.30 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$12.79
Intrinsic Value
$5.80
Current Price
+120.3%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 0.78 = 17.59
Step 2: Multiply by Book Value per Share
17.59 × 9.30 = 163.50
Step 3: Take square root
√163.50 = 12.79
Graham Number Result:
$12.79
KODK Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
0.78 × (8.5 + 2 × 51.3%)
Input Data & Growth Assumptions
Current EPS (TTM)$0.78
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y51.3%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$86.86
Intrinsic Value
$5.80
Current Price
+1396.3%
Upside/Downside
Base Formula
Growth: 51.3%
KODK Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$0.78
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y51.3%
3-year earnings growth
51.3%
1%50%
Fair Value Formula: EPS × Growth Rate
$0.78 × 51.3% = $40.11
$40.11
Fair Value
$5.80
Current Price
+590.9%
Upside/Downside
PEG Analysis
7.4x
Current P/E
51.3%
Growth Rate
0.14
PEG Ratio (P/E ÷ Growth Rate)
Significantly Undervalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
KODK Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.1 | Base earnings from financial statements |
| Normalized Earnings | 0.1 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$17.09
EPV per Share
$5.80
Current Price
+194.3%
Upside/Downside
6.5%
WACC: 6.5% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.1B |
| Cost of Capital | 6.5% |
| Enterprise Value | $1.6B |
Per Share Value
| Enterprise Value | $1.6B |
| Shares Outstanding | 0.1B |
| EPV per Share | $17.09 |
WACC Components
| Cost of Equity | 9.2% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 51.8% |
| Debt Weight | 48.2% |
| WACC | 6.5% |