Discounted Cash Flow (DCF) Analysis Unlevered

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 317.70555.05985.081,116.84841.04694.02682.43820.86987.381,187.681,428.611,718.42
Revenue (%)
EBITDA 106.40127.94382.38410.8262.29-305.62-117.7691.77110.39132.78159.71192.11
EBITDA (%)
EBIT 91.9070.11295.46322.86-22.88-388.43-188.0616.6720.0524.1229.0134.89
EBIT (%)
Depreciation 14.5057.8386.9287.9685.1782.8170.3075.1090.34108.66130.70157.22
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 34.2077.95352.21201.88368.12224.87144.80206.42248.29298.66359.25432.13
Total Cash (%)
Account Receivables 65187.55150.62283.15141.38153.13134.17179.92216.42260.32313.13376.65
Account Receivables (%)
Inventories 56135.20185.32174.79183.57173.65170.05173.80209.06251.47302.48363.84
Inventories (%)
Accounts Payable 2347.3246.0259.5351.9839.5744.9651.8762.4075.0590.28108.59
Accounts Payable (%)
Capital Expenditure -11.64-29.57-27.93-74.94-95.17-69.11-30.45-51.92-62.45-75.12-90.35-108.68
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ -
Beta 0
Diluted Shares Outstanding 125.98
Cost of Debt
Tax Rate 21.20
After-tax Cost of Debt 3.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.460
Total Debt 843.38
Total Equity -
Total Capital 843.38
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 317.70555.05985.081,116.84841.04694.02682.43820.86987.381,187.681,428.611,718.42
EBITDA 106.40127.94382.38410.8262.29-305.62-117.7691.77110.39132.78159.71192.11
EBIT 91.9070.11295.46322.86-22.88-388.43-188.0616.6720.0524.1229.0134.89
Tax Rate 36.79%45.21%35.04%32.09%58.53%8.28%21.20%33.88%33.88%33.88%33.88%33.88%
EBIAT 58.0938.41191.92219.26-9.49-356.27-148.1911.0213.2615.9519.1823.07
Depreciation 14.5057.8386.9287.9685.1782.8170.3075.1090.34108.66130.70157.22
Accounts Receivable --122.5536.92-132.53141.77-11.7418.95-45.75-36.50-43.90-52.81-63.52
Inventories --79.20-50.1210.52-8.789.923.60-3.76-35.26-42.41-51.01-61.36
Accounts Payable -24.32-1.3013.51-7.56-12.415.396.9210.5212.6615.2318.31
Capital Expenditure -11.64-29.57-27.93-74.94-95.17-69.11-30.45-51.92-62.45-75.12-90.35-108.68
UFCF 60.95-110.75236.41123.79105.95-356.80-80.40-8.38-20.09-24.16-29.06-34.96
WACC
PV UFCF -8.06-18.59-21.52-24.90-28.82
SUM PV UFCF -101.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.94
Free cash flow (t + 1) -36.36
Terminal Value 60,596.72
Present Value of Terminal Value 49,950.01

Intrinsic Value

Enterprise Value 49,848.12
Net Debt 698.58
Equity Value 49,149.54
Shares Outstanding 125.98
Equity Value Per Share 390.15