Discounted Cash Flow (DCF) Analysis Levered

The Brink's Company (BCO)

$71.77

-0.36 (-0.50%)

All numbers are in Millions, Currency in USD

Stock DCF: 119.16 | 71.77 | undervalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	3,683.20	3,690.90	4,200.20	4,535.50	4,867.96	5,224.80	5,607.79	6,018.86	6,460.06
Revenue (%)
Operating Cash Flow	368.60	317.70	478	479.90	493.81	530.01	568.86	610.56	655.32
Operating Cash Flow (%)
Capital Expenditure	-164.80	-118.50	-167.90	-176.62	-189.57	-203.46	-218.37	-234.38	-251.56
Capital Expenditure (%)
Free Cash Flow	203.80	199.20	310.10	303.28	304.25	326.55	350.49	376.18	403.76

Weighted Average Cost Of Capital

Share price	$ 71.77
Beta	1.349
Diluted Shares Outstanding	47.80
Cost of Debt
Tax Rate	24.58
After-tax Cost of Debt	2.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.111
Total Debt	3,652.70
Total Equity	3,430.61
Total Capital	7,083.31
Debt Weighting	51.57
Equity Weighting	48.43
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	3,683.20	3,690.90	4,200.20	4,535.50	4,867.96	5,224.80	5,607.79	6,018.86	6,460.06
Operating Cash Flow	368.60	317.70	478	479.90	493.81	530.01	568.86	610.56	655.32
Capital Expenditure	-164.80	-118.50	-167.90	-176.62	-189.57	-203.46	-218.37	-234.38	-251.56
Free Cash Flow	203.80	199.20	310.10	303.28	304.25	326.55	350.49	376.18	403.76
WACC
PV LFCF					223.43	225.44	227.48	229.53	231.60
SUM PV LFCF									1,456.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.37
Free cash flow (t + 1)	411.83
Terminal Value	9,424.04
Present Value of Terminal Value	6,920.56

Intrinsic Value

Enterprise Value	8,376.76
Net Debt	2,680.70
Equity Value	5,696.06
Shares Outstanding	47.80
Equity Value Per Share	119.16