Discounted Cash Flow (DCF) Analysis Levered

NV Bekaert SA (BEKB.BR)

39.42 €

+0.50 (+1.28%)

All numbers are in Millions, Currency in USD

Stock DCF: 59.06 | 39.42 | undervalue

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	4,098.25	4,305.27	4,322.45	3,772.37	4,839.66	5,093.94	5,361.59	5,643.30	5,939.80	6,251.89
Revenue (%)
Operating Cash Flow	244.15	243.72	524.33	504.92	384.60	459.27	483.40	508.80	535.54	563.67
Operating Cash Flow (%)
Capital Expenditure	-276.52	-185	-111.99	-107.69	-156.61	-200.96	-211.52	-222.64	-234.33	-246.65
Capital Expenditure (%)
Free Cash Flow	-32.37	58.72	412.34	397.23	228	258.31	271.88	286.17	301.20	317.03

Weighted Average Cost Of Capital

Share price	$ 39.42
Beta	1.647
Diluted Shares Outstanding	64.13
Cost of Debt
Tax Rate	14.55
After-tax Cost of Debt	3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.290
Total Debt	1,191.32
Total Equity	2,528.15
Total Capital	3,719.47
Debt Weighting	32.03
Equity Weighting	67.97
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	4,098.25	4,305.27	4,322.45	3,772.37	4,839.66	5,093.94	5,361.59	5,643.30	5,939.80	6,251.89
Operating Cash Flow	244.15	243.72	524.33	504.92	384.60	459.27	483.40	508.80	535.54	563.67
Capital Expenditure	-276.52	-185	-111.99	-107.69	-156.61	-200.96	-211.52	-222.64	-234.33	-246.65
Free Cash Flow	-32.37	58.72	412.34	397.23	228	258.31	271.88	286.17	301.20	317.03
WACC
PV LFCF						218.66	211.74	205.05	198.57	192.29
SUM PV LFCF										1,115.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.69
Free cash flow (t + 1)	323.37
Terminal Value	4,833.59
Present Value of Terminal Value	3,186.56

Intrinsic Value

Enterprise Value	4,302.05
Net Debt	514.05
Equity Value	3,788
Shares Outstanding	64.13
Equity Value Per Share	59.06