Discounted Cash Flow (DCF) Analysis Levered

Asia Pacific Wire & Cable Corporati... (APWC)

$1.29

-0.06 (-4.44%)

All numbers are in Millions, Currency in USD

Stock DCF: 5.22 | 1.29 | 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	425.94	338.16	313.56	476.66	433.89	450.34	467.40	485.12	503.50	522.58
Revenue (%)
Operating Cash Flow	40.65	15.14	16.37	-41.61	6.57	10.83	11.24	11.67	12.11	12.57
Operating Cash Flow (%)
Capital Expenditure	-4.51	-5.46	-14.60	-8.55	-3.81	-9.01	-9.35	-9.70	-10.07	-10.45
Capital Expenditure (%)
Free Cash Flow	36.14	9.68	1.77	-50.16	2.76	1.82	1.89	1.96	2.04	2.11

Weighted Average Cost Of Capital

Share price	$ 1.29
Beta	0.726
Diluted Shares Outstanding	20.02
Cost of Debt
Tax Rate	48.79
After-tax Cost of Debt	2.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.583
Total Debt	60.30
Total Equity	25.83
Total Capital	86.13
Debt Weighting	70.02
Equity Weighting	29.98
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	425.94	338.16	313.56	476.66	433.89	450.34	467.40	485.12	503.50	522.58
Operating Cash Flow	40.65	15.14	16.37	-41.61	6.57	10.83	11.24	11.67	12.11	12.57
Capital Expenditure	-4.51	-5.46	-14.60	-8.55	-3.81	-9.01	-9.35	-9.70	-10.07	-10.45
Free Cash Flow	36.14	9.68	1.77	-50.16	2.76	1.82	1.89	1.96	2.04	2.11
WACC
PV LFCF						1.76	1.76	1.76	1.76	1.76
SUM PV LFCF										8.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.76
Free cash flow (t + 1)	2.16
Terminal Value	122.57
Present Value of Terminal Value	101.91

Intrinsic Value

Enterprise Value	110.70
Net Debt	6.29
Equity Value	104.41
Shares Outstanding	20.02
Equity Value Per Share	5.22