Discounted Cash Flow (DCF) Analysis Levered

Accell Group N.V. (ACCEL.AS)

57.55 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -5.78 | 57.55 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,068.47	1,094.29	1,111.03	1,296.45	1,377.11	1,469.57	1,568.24	1,673.54	1,785.90	1,905.81
Revenue (%)
Operating Cash Flow	7.51	42.73	-62.65	206.47	-120.68	18.02	19.23	20.52	21.90	23.37
Operating Cash Flow (%)
Capital Expenditure	-9.56	-10.50	-14.29	-11.64	-12.47	-14.53	-15.50	-16.55	-17.66	-18.84
Capital Expenditure (%)
Free Cash Flow	-2.04	32.23	-76.94	194.83	-133.15	3.49	3.73	3.98	4.25	4.53

Weighted Average Cost Of Capital

Share price	$ 57.55
Beta	1.202
Diluted Shares Outstanding	26.91
Cost of Debt
Tax Rate	23.50
After-tax Cost of Debt	4.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.308
Total Debt	265.36
Total Equity	1,548.85
Total Capital	1,814.21
Debt Weighting	14.63
Equity Weighting	85.37
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,068.47	1,094.29	1,111.03	1,296.45	1,377.11	1,469.57	1,568.24	1,673.54	1,785.90	1,905.81
Operating Cash Flow	7.51	42.73	-62.65	206.47	-120.68	18.02	19.23	20.52	21.90	23.37
Capital Expenditure	-9.56	-10.50	-14.29	-11.64	-12.47	-14.53	-15.50	-16.55	-17.66	-18.84
Free Cash Flow	-2.04	32.23	-76.94	194.83	-133.15	3.49	3.73	3.98	4.25	4.53
WACC
PV LFCF						3.22	3.16	3.10	3.05	2.99
SUM PV LFCF										15.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.65
Free cash flow (t + 1)	4.62
Terminal Value	69.49
Present Value of Terminal Value	45.90

Intrinsic Value

Enterprise Value	61.41
Net Debt	216.90
Equity Value	-155.48
Shares Outstanding	26.91
Equity Value Per Share	-5.78