Discounted Cash Flow (DCF) Analysis Levered

Cofinimmo SA (COFB.BR)

64.9 €

+1.75 (+2.77%)

All numbers are in Millions, Currency in USD

Stock DCF: 449.18 | 64.9 | 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	262.63	286.17	295.21	340.81	366.42	398.55	433.51	471.53	512.88	557.86
Revenue (%)
Operating Cash Flow	160.61	169.19	179.53	200.44	210.42	237	257.79	280.40	304.99	331.74
Operating Cash Flow (%)
Capital Expenditure	-0.66	-0.47	-1.91	-1.52	-1.27	-1.48	-1.61	-1.75	-1.90	-2.07
Capital Expenditure (%)
Free Cash Flow	159.94	168.72	177.62	198.92	209.15	235.53	256.18	278.65	303.09	329.67

Weighted Average Cost Of Capital

Share price	$ 64.9
Beta	0.593
Diluted Shares Outstanding	32
Cost of Debt
Tax Rate	2.25
After-tax Cost of Debt	1.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.371
Total Debt	2,880.54
Total Equity	2,076.84
Total Capital	4,957.38
Debt Weighting	58.11
Equity Weighting	41.89
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	262.63	286.17	295.21	340.81	366.42	398.55	433.51	471.53	512.88	557.86
Operating Cash Flow	160.61	169.19	179.53	200.44	210.42	237	257.79	280.40	304.99	331.74
Capital Expenditure	-0.66	-0.47	-1.91	-1.52	-1.27	-1.48	-1.61	-1.75	-1.90	-2.07
Free Cash Flow	159.94	168.72	177.62	198.92	209.15	235.53	256.18	278.65	303.09	329.67
WACC
PV LFCF						227.01	238	249.51	261.59	274.24
SUM PV LFCF										1,250.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.75
Free cash flow (t + 1)	336.26
Terminal Value	19,214.99
Present Value of Terminal Value	15,984.52

Intrinsic Value

Enterprise Value	17,234.87
Net Debt	2,860.93
Equity Value	14,373.94
Shares Outstanding	32
Equity Value Per Share	449.18