Discounted Cash Flow (DCF) Analysis Levered

NV Bekaert SA (BEKB.BR)

41.72 €

-0.24 (-0.57%)

All numbers are in Millions, Currency in USD

Stock DCF: 102.73 | 41.72 | 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	4,305.27	4,322.45	3,772.37	4,839.66	5,651.79	6,114.47	6,615.03	7,156.57	7,742.44	8,376.28
Revenue (%)
Operating Cash Flow	243.72	524.33	504.92	384.60	340.29	552.06	597.26	646.15	699.05	756.27
Operating Cash Flow (%)
Capital Expenditure	-185	-111.99	-107.69	-156.61	-185.14	-198.77	-215.04	-232.65	-251.70	-272.30
Capital Expenditure (%)
Free Cash Flow	58.72	412.34	397.23	228	155.15	353.29	382.21	413.50	447.35	483.97

Weighted Average Cost Of Capital

Share price	$ 41.72
Beta	1.582
Diluted Shares Outstanding	56.66
Cost of Debt
Tax Rate	14.96
After-tax Cost of Debt	2.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.904
Total Debt	1,236
Total Equity	2,363.98
Total Capital	3,599.97
Debt Weighting	34.33
Equity Weighting	65.67
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	4,305.27	4,322.45	3,772.37	4,839.66	5,651.79	6,114.47	6,615.03	7,156.57	7,742.44	8,376.28
Operating Cash Flow	243.72	524.33	504.92	384.60	340.29	552.06	597.26	646.15	699.05	756.27
Capital Expenditure	-185	-111.99	-107.69	-156.61	-185.14	-198.77	-215.04	-232.65	-251.70	-272.30
Free Cash Flow	58.72	412.34	397.23	228	155.15	353.29	382.21	413.50	447.35	483.97
WACC
PV LFCF						324.60	322.65	320.71	318.78	316.87
SUM PV LFCF										1,603.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.84
Free cash flow (t + 1)	493.65
Terminal Value	7,217.17
Present Value of Terminal Value	4,725.24

Intrinsic Value

Enterprise Value	6,328.85
Net Debt	507.90
Equity Value	5,820.94
Shares Outstanding	56.66
Equity Value Per Share	102.73