Discounted Cash Flow (DCF) Analysis Levered

NV Bekaert SA (BEKB.BR)

33.82 €

+0.02 (+0.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.83 | 33.82 | 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 4,098.254,305.274,322.453,772.374,839.665,093.945,361.595,643.305,939.806,251.89
Revenue (%)
Operating Cash Flow 244.15243.72524.33504.92384.60459.27483.40508.80535.54563.67
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 -32.3758.72412.34397.23228258.31271.88286.17301.20317.03

Weighted Average Cost Of Capital

Share price $ 33.82
Beta 1.621
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 11.163
Total Debt 1,191.32
Total Equity 2,169
Total Capital 3,360.32
Debt Weighting 35.45
Equity Weighting 64.55
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 4,098.254,305.274,322.453,772.374,839.665,093.945,361.595,643.305,939.806,251.89
Operating Cash Flow 244.15243.72524.33504.92384.60459.27483.40508.80535.54563.67
Capital Expenditure -276.52-185-111.99-107.69-156.61-200.96-211.52-222.64-234.33-246.65
Free Cash Flow -32.3758.72412.34397.23228258.31271.88286.17301.20317.03
WACC
PV LFCF 238.42231.63225.04218.63212.40
SUM PV LFCF 1,126.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.34
Free cash flow (t + 1) 323.37
Terminal Value 5,100.43
Present Value of Terminal Value 3,417.14

Intrinsic Value

Enterprise Value 4,543.26
Net Debt 514.05
Equity Value 4,029.20
Shares Outstanding 64.13
Equity Value Per Share 62.83