Discounted Cash Flow (DCF) Analysis Levered

Brunel International N.V. (BRNL.AS)

11.98 €

-0.24 (-1.96%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.41 | 11.98 | overvalue

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 914.581,041.12892.57899.671,181.821,275.561,376.721,485.921,603.771,730.96
Revenue (%)
Operating Cash Flow -5.9920.0192.5916.7226.3340.1243.3046.7450.4454.44
Operating Cash Flow (%)
Capital Expenditure -7.23-6.55-7.21-6.54-11.27-9.97-10.76-11.61-12.53-13.53
Capital Expenditure (%)
Free Cash Flow -13.2213.4685.3810.1815.0630.1532.5435.1237.9140.92

Weighted Average Cost Of Capital

Share price $ 11.98
Beta 1.213
Diluted Shares Outstanding 50.54
Cost of Debt
Tax Rate 38.13
After-tax Cost of Debt 1.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.512
Total Debt 64.26
Total Equity 605.45
Total Capital 669.71
Debt Weighting 9.60
Equity Weighting 90.40
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 914.581,041.12892.57899.671,181.821,275.561,376.721,485.921,603.771,730.96
Operating Cash Flow -5.9920.0192.5916.7226.3340.1243.3046.7450.4454.44
Capital Expenditure -7.23-6.55-7.21-6.54-11.27-9.97-10.76-11.61-12.53-13.53
Free Cash Flow -13.2213.4685.3810.1815.0630.1532.5435.1237.9140.92
WACC
PV LFCF 18.2718.1418.0117.8817.75
SUM PV LFCF 136.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.71
Free cash flow (t + 1) 41.73
Terminal Value 621.98
Present Value of Terminal Value 409.67

Intrinsic Value

Enterprise Value 546.37
Net Debt 20.50
Equity Value 525.87
Shares Outstanding 50.54
Equity Value Per Share 10.41