Discounted Cash Flow (DCF) Analysis Levered

Acomo N.V. (ACOMO.AS)

21.85 €

-0.25 (-1.13%)

All numbers are in Millions, Currency in USD

Stock DCF: 104.28 | 21.85 | undervalue

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	709.68	700.17	701.44	707.36	1,254.44	1,496	1,784.07	2,127.62	2,537.32	3,025.92
Revenue (%)
Operating Cash Flow	50.12	19.34	59.78	34.97	-36.37	61.01	72.76	86.77	103.48	123.41
Operating Cash Flow (%)
Capital Expenditure	-5.74	-5.56	-7.80	-5.35	-7.77	-12.24	-14.59	-17.40	-20.75	-24.75
Capital Expenditure (%)
Free Cash Flow	44.39	13.79	51.98	29.62	-44.14	48.78	58.17	69.37	82.73	98.66

Weighted Average Cost Of Capital

Share price	$ 21.85
Beta	0.756
Diluted Shares Outstanding	29.65
Cost of Debt
Tax Rate	26.18
After-tax Cost of Debt	1.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.332
Total Debt	351.41
Total Equity	647.94
Total Capital	999.35
Debt Weighting	35.16
Equity Weighting	64.84
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	709.68	700.17	701.44	707.36	1,254.44	1,496	1,784.07	2,127.62	2,537.32	3,025.92
Operating Cash Flow	50.12	19.34	59.78	34.97	-36.37	61.01	72.76	86.77	103.48	123.41
Capital Expenditure	-5.74	-5.56	-7.80	-5.35	-7.77	-12.24	-14.59	-17.40	-20.75	-24.75
Free Cash Flow	44.39	13.79	51.98	29.62	-44.14	48.78	58.17	69.37	82.73	98.66
WACC
PV LFCF						37.31	42.55	48.52	55.34	63.11
SUM PV LFCF										308.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.57
Free cash flow (t + 1)	100.64
Terminal Value	3,915.78
Present Value of Terminal Value	3,131.72

Intrinsic Value

Enterprise Value	3,440.33
Net Debt	348.15
Equity Value	3,092.17
Shares Outstanding	29.65
Equity Value Per Share	104.28