Discounted Cash Flow (DCF) Analysis Unlevered

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 10,5358,8038,8039,5049,7799,596.999,418.379,243.079,071.038,902.20
Revenue (%)
EBITDA 4,0052,9333,0243,2483,8043,431.143,367.273,304.603,243.093,182.73
EBITDA (%)
EBIT 96313762484810475.57466.72458.03449.51441.14
EBIT (%)
Depreciation 3,0422,7962,9622,7642,9942,955.562,900.552,846.572,793.582,741.59
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 4868161,0721,127865897.59880.88864.49848.40832.61
Total Cash (%)
Account Receivables 2,0741,2831,3651,5871,8401,636.891,606.421,576.521,547.181,518.39
Account Receivables (%)
Inventories 5142.6242.6246.0147.3446.4645.5944.7543.9143.10
Inventories (%)
Accounts Payable 875821946988943929.32912.02895.04878.39862.04
Accounts Payable (%)
Capital Expenditure -12,985-11,091-10,769-12,670-13,938-12,426.61-12,195.32-11,968.34-11,745.58-11,526.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ -
Beta 0
Diluted Shares Outstanding 117
Cost of Debt
Tax Rate 546.15
After-tax Cost of Debt -22.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.460
Total Debt 18,937
Total Equity -
Total Capital 18,937
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 10,5358,8038,8039,5049,7799,596.999,418.379,243.079,071.038,902.20
EBITDA 4,0052,9333,0243,2483,8043,431.143,367.273,304.603,243.093,182.73
EBIT 96313762484810475.57466.72458.03449.51441.14
Tax Rate 19.94%-4.47%156.87%12.45%546.15%146.19%146.19%146.19%146.19%146.19%
EBIAT 770.96143.12-35.26423.74-3,613.85-219.67-215.58-211.56-207.63-203.76
Depreciation 3,0422,7962,9622,7642,9942,955.562,900.552,846.572,793.582,741.59
Accounts Receivable -791-82-222-253203.1130.4729.9029.3428.80
Inventories -8.38--3.39-1.330.880.860.850.830.82
Accounts Payable --5412542-45-13.68-17.30-16.97-16.66-16.35
Capital Expenditure -12,985-11,091-10,769-12,670-13,938-12,426.61-12,195.32-11,968.34-11,745.58-11,526.97
UFCF -9,172.04-7,406.49-7,799.26-9,665.66-14,857.18-9,500.41-9,496.31-9,319.56-9,146.11-8,975.87
WACC
PV UFCF -7,380.87-9,496.31-11,995.84-15,153.26-19,141.74
SUM PV UFCF -104,656.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -22.31
Free cash flow (t + 1) -9,334.91
Terminal Value 35,480.46
Present Value of Terminal Value 125,361.34

Intrinsic Value

Enterprise Value 20,704.66
Net Debt 18,072
Equity Value 2,632.66
Shares Outstanding 117
Equity Value Per Share 22.50