Discounted Cash Flow (DCF) Analysis Levered

Aedifica SA (AED.BR)

74.1 €

+0.50 (+0.68%)

All numbers are in Millions, Currency in USD

Stock DCF: 909.10 | 74.1 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	94.23	121.22	155.95	200.62	258.09	332.02	427.13	549.49	706.90	909.39
Revenue (%)
Operating Cash Flow	84.99	88.76	127.42	163.92	210.88	271.29	349	448.98	577.59	743.04
Operating Cash Flow (%)
Capital Expenditure	-1.79	-0.06	-1.52	-1.96	-2.52	-3.24	-4.17	-5.37	-6.90	-8.88
Capital Expenditure (%)
Free Cash Flow	83.20	88.70	125.90	161.96	208.36	268.05	344.83	443.61	570.69	734.16

Weighted Average Cost Of Capital

Share price	$ 74.1
Beta	0.667
Diluted Shares Outstanding	34.79
Cost of Debt
Tax Rate	14.14
After-tax Cost of Debt	1.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.640
Total Debt	2,452.42
Total Equity	2,577.90
Total Capital	5,030.32
Debt Weighting	48.75
Equity Weighting	51.25
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	94.23	121.22	155.95	200.62	258.09	332.02	427.13	549.49	706.90	909.39
Operating Cash Flow	84.99	88.76	127.42	163.92	210.88	271.29	349	448.98	577.59	743.04
Capital Expenditure	-1.79	-0.06	-1.52	-1.96	-2.52	-3.24	-4.17	-5.37	-6.90	-8.88
Free Cash Flow	83.20	88.70	125.90	161.96	208.36	268.05	344.83	443.61	570.69	734.16
WACC
PV LFCF			135.99	168.33	208.36	257.91	319.24	395.16	489.14	605.46
SUM PV LFCF										2,066.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.93
Free cash flow (t + 1)	748.85
Terminal Value	38,800.34
Present Value of Terminal Value	31,998.59

Intrinsic Value

Enterprise Value	34,065.52
Net Debt	2,438.53
Equity Value	31,626.99
Shares Outstanding	34.79
Equity Value Per Share	909.10