Discounted Cash Flow (DCF) Analysis Levered

Ascencio SCA (ASC.BR)

55 €

-0.10 (-0.18%)

All numbers are in Millions, Currency in USD

Stock DCF: 80.62 | 55 | 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	47.50	47.84	51.40	46.28	48.53	48.90	49.27	49.65	50.03	50.41
Revenue (%)
Operating Cash Flow	32.45	32.41	33.75	38.01	38.90	35.60	35.87	36.14	36.42	36.70
Operating Cash Flow (%)
Capital Expenditure	-1.33	-3.98	-87.25	-0.02	-0.05	-17.70	-17.84	-17.97	-18.11	-18.25
Capital Expenditure (%)
Free Cash Flow	31.12	28.43	-53.50	37.99	38.85	17.90	18.03	18.17	18.31	18.45

Weighted Average Cost Of Capital

Share price	$ 55
Beta	0.544
Diluted Shares Outstanding	6.60
Cost of Debt
Tax Rate	5.13
After-tax Cost of Debt	1.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.101
Total Debt	326.71
Total Equity	362.78
Total Capital	689.49
Debt Weighting	47.38
Equity Weighting	52.62
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	47.50	47.84	51.40	46.28	48.53	48.90	49.27	49.65	50.03	50.41
Operating Cash Flow	32.45	32.41	33.75	38.01	38.90	35.60	35.87	36.14	36.42	36.70
Capital Expenditure	-1.33	-3.98	-87.25	-0.02	-0.05	-17.70	-17.84	-17.97	-18.11	-18.25
Free Cash Flow	31.12	28.43	-53.50	37.99	38.85	17.90	18.03	18.17	18.31	18.45
WACC
PV LFCF						16.55	16.03	15.53	15.05	14.58
SUM PV LFCF										80.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.00
Free cash flow (t + 1)	18.82
Terminal Value	940.80
Present Value of Terminal Value	773.27

Intrinsic Value

Enterprise Value	854.11
Net Debt	322.36
Equity Value	531.75
Shares Outstanding	6.60
Equity Value Per Share	80.62