Discounted Cash Flow (DCF) Analysis Levered

Agfa-Gevaert NV (AGFB.BR)

3.025 €

+0.09 (+3.07%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.90 | 3.025 | 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 2,4432,2472,2391,7091,7601,632.111,513.511,403.531,301.541,206.97
Revenue (%)
Operating Cash Flow 39-44123-153-116-33.99-31.52-29.23-27.10-25.13
Operating Cash Flow (%)
Capital Expenditure -46-40-38-33-26-28.62-26.54-24.61-22.83-21.17
Capital Expenditure (%)
Free Cash Flow -7-8485-186-142-62.61-58.06-53.84-49.93-46.30

Weighted Average Cost Of Capital

Share price $ 3.025
Beta 0.699
Diluted Shares Outstanding 165
Cost of Debt
Tax Rate 1,800.00
After-tax Cost of Debt -326.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.103
Total Debt 73
Total Equity 499.14
Total Capital 572.14
Debt Weighting 12.76
Equity Weighting 87.24
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 2,4432,2472,2391,7091,7601,632.111,513.511,403.531,301.541,206.97
Operating Cash Flow 39-44123-153-116-33.99-31.52-29.23-27.10-25.13
Capital Expenditure -46-40-38-33-26-28.62-26.54-24.61-22.83-21.17
Free Cash Flow -7-8485-186-142-62.61-58.06-53.84-49.93-46.30
WACC
PV LFCF -96.93-139.17-199.81-286.87-411.86
SUM PV LFCF -1,134.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -35.41
Free cash flow (t + 1) -47.23
Terminal Value 126.24
Present Value of Terminal Value 1,122.96

Intrinsic Value

Enterprise Value -11.67
Net Debt -325
Equity Value 313.33
Shares Outstanding 165
Equity Value Per Share 1.90