Discounted Cash Flow (DCF) Analysis Levered

Alumexx N.V. (ALX.AS)

0.7 €

-0.03 (-4.11%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.34 | 0.7 | undervalue

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	1.57	2.32	4.13	6.66	8.08	12.30	18.72	28.48	43.35	65.97
Revenue (%)
Operating Cash Flow	0.27	-0.08	0.63	-0.43	0.48	0.70	1.07	1.63	2.48	3.77
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	0.70	1.07	1.63	2.48	3.77

Weighted Average Cost Of Capital

Share price	$ 0.7
Beta	0.909
Diluted Shares Outstanding	11
Cost of Debt
Tax Rate	15.43
After-tax Cost of Debt	0.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.026
Total Debt	0.65
Total Equity	7.70
Total Capital	8.35
Debt Weighting	7.78
Equity Weighting	92.22
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	1.57	2.32	4.13	6.66	8.08	12.30	18.72	28.48	43.35	65.97
Operating Cash Flow	0.27	-0.08	0.63	-0.43	0.48	0.70	1.07	1.63	2.48	3.77
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	0.70	1.07	1.63	2.48	3.77
WACC
PV LFCF						0.43	0.61	0.86	1.20	1.69
SUM PV LFCF										7.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.37
Free cash flow (t + 1)	3.85
Terminal Value	60.40
Present Value of Terminal Value	40.41

Intrinsic Value

Enterprise Value	47.57
Net Debt	-0.14
Equity Value	47.72
Shares Outstanding	11
Equity Value Per Share	4.34