Discounted Cash Flow (DCF) Analysis Levered
Atenor SA (ATEB.BR)
49.1 €
+0.30 (+0.61%)
All numbers are in Millions, Currency in USD
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 | 220.43 | 99.77 | 107.21 | 131.99 | 174.12 | 177.49 | 180.93 | 184.44 | 188.01 | 191.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -1.91 | -61.19 | -138.61 | -105.05 | -215.38 | -140.14 | -142.86 | -145.63 | -148.45 | -151.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.17 | -0.41 | -2.19 | -0.76 | -0.66 | -1.23 | -1.26 | -1.28 | -1.31 | -1.33 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -2.08 | -61.60 | -140.80 | -105.80 | -216.04 | -141.38 | -144.12 | -146.91 | -149.76 | -152.66 |
Weighted Average Cost Of Capital
| Share price | $ 49.1 |
|---|---|
| Beta | 0.550 |
| Diluted Shares Outstanding | 6.03 |
| Cost of Debt | |
| Tax Rate | 23.53 |
| After-tax Cost of Debt | 1.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.336 |
| Total Debt | 834.54 |
| Total Equity | 296.03 |
| Total Capital | 1,130.58 |
| Debt Weighting | 73.82 |
| Equity Weighting | 26.18 |
| 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 | 220.43 | 99.77 | 107.21 | 131.99 | 174.12 | 177.49 | 180.93 | 184.44 | 188.01 | 191.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1.91 | -61.19 | -138.61 | -105.05 | -215.38 | -140.14 | -142.86 | -145.63 | -148.45 | -151.33 |
| Capital Expenditure | -0.17 | -0.41 | -2.19 | -0.76 | -0.66 | -1.23 | -1.26 | -1.28 | -1.31 | -1.33 |
| Free Cash Flow | -2.08 | -61.60 | -140.80 | -105.80 | -216.04 | -141.38 | -144.12 | -146.91 | -149.76 | -152.66 |
| WACC | ||||||||||
| PV LFCF | -137.83 | -136.98 | -136.14 | -135.30 | -134.47 | |||||
| SUM PV LFCF | -680.73 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.57 |
| Free cash flow (t + 1) | -155.71 |
| Terminal Value | -27,317.98 |
| Present Value of Terminal Value | -24,062.83 |
Intrinsic Value
| Enterprise Value | -24,743.56 |
|---|---|
| Net Debt | 743.66 |
| Equity Value | -25,487.23 |
| Shares Outstanding | 6.03 |
| Equity Value Per Share | -4,227.28 |