Discounted Cash Flow (DCF) Analysis Levered

Akzo Nobel N.V. (AKZA.AS)

68.06 €

+0.02 (+0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.64 | 68.06 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 9,2569,2768,5309,58710,84611,325.8711,826.9812,350.2612,896.6913,467.29
Revenue (%)
Operating Cash Flow 162331,220605263569.55594.75621.07648.55677.24
Operating Cash Flow (%)
Capital Expenditure -160-214-258-288-292-288.96-301.74-315.09-329.03-343.59
Capital Expenditure (%)
Free Cash Flow 2-181962317-29280.60293.01305.97319.51333.65

Weighted Average Cost Of Capital

Share price $ 68.06
Beta 1.096
Diluted Shares Outstanding 185.67
Cost of Debt
Tax Rate 41.53
After-tax Cost of Debt 2.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.424
Total Debt 5,875
Total Equity 12,636.97
Total Capital 18,511.97
Debt Weighting 31.74
Equity Weighting 68.26
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 9,2569,2768,5309,58710,84611,325.8711,826.9812,350.2612,896.6913,467.29
Operating Cash Flow 162331,220605263569.55594.75621.07648.55677.24
Capital Expenditure -160-214-258-288-292-288.96-301.74-315.09-329.03-343.59
Free Cash Flow 2-181962317-29280.60293.01305.97319.51333.65
WACC
PV LFCF 261.70254.88248.23241.76235.46
SUM PV LFCF 1,242.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.22
Free cash flow (t + 1) 340.32
Terminal Value 6,519.57
Present Value of Terminal Value 4,600.87

Intrinsic Value

Enterprise Value 5,842.89
Net Debt 4,425
Equity Value 1,417.89
Shares Outstanding 185.67
Equity Value Per Share 7.64