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	914.58	1,041.12	892.57	899.67	1,181.82	1,275.56	1,376.72	1,485.92	1,603.77	1,730.96
Revenue (%)
Operating Cash Flow	-5.99	20.01	92.59	16.72	26.33	40.12	43.30	46.74	50.44	54.44
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	-13.22	13.46	85.38	10.18	15.06	30.15	32.54	35.12	37.91	40.92

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	914.58	1,041.12	892.57	899.67	1,181.82	1,275.56	1,376.72	1,485.92	1,603.77	1,730.96
Operating Cash Flow	-5.99	20.01	92.59	16.72	26.33	40.12	43.30	46.74	50.44	54.44
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	-13.22	13.46	85.38	10.18	15.06	30.15	32.54	35.12	37.91	40.92
WACC
PV LFCF						18.27	18.14	18.01	17.88	17.75
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