Discounted Cash Flow (DCF) Analysis Levered

Futebol Clube do Porto - Futebol, S... (FCP.LS)

1.14 €

-0.07 (-5.79%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.75 | 1.14 | 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	104.38	173.89	86.81	151.88	142.55	172.96	209.85	254.62	308.94	374.84
Revenue (%)
Operating Cash Flow	-	-	-	-	65.72	79.74	96.75	117.38	142.43	172.81
Operating Cash Flow (%)
Capital Expenditure	-44.56	-60.53	-63.15	-41.36	-27.52	-68.07	-82.59	-100.21	-121.59	-147.53
Capital Expenditure (%)
Free Cash Flow	-44.56	-60.53	-63.15	-41.36	38.20	11.66	14.15	17.17	20.84	25.28

Weighted Average Cost Of Capital

Share price	$ 1.14
Beta	0.928
Diluted Shares Outstanding	22.50
Cost of Debt
Tax Rate	3.69
After-tax Cost of Debt	8.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.117
Total Debt	293.61
Total Equity	25.65
Total Capital	319.26
Debt Weighting	91.97
Equity Weighting	8.03
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	104.38	173.89	86.81	151.88	142.55	172.96	209.85	254.62	308.94	374.84
Operating Cash Flow	-	-	-	-	65.72	79.74	96.75	117.38	142.43	172.81
Capital Expenditure	-44.56	-60.53	-63.15	-41.36	-27.52	-68.07	-82.59	-100.21	-121.59	-147.53
Free Cash Flow	-44.56	-60.53	-63.15	-41.36	38.20	11.66	14.15	17.17	20.84	25.28
WACC
PV LFCF						7.12	7.96	8.89	9.94	11.11
SUM PV LFCF										67.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.57
Free cash flow (t + 1)	25.79
Terminal Value	392.47
Present Value of Terminal Value	260.17

Intrinsic Value

Enterprise Value	328.09
Net Debt	288.80
Equity Value	39.29
Shares Outstanding	22.50
Equity Value Per Share	1.75