Discounted Cash Flow (DCF) Analysis Levered

Floridienne S.A. (FLOB.BR)

775 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -0.50 | 775 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	362.88	382.84	410.33	373.94	353.09	351.54	349.99	348.45	346.92	345.39
Revenue (%)
Operating Cash Flow	16.44	14.09	22.26	26.39	25.53	19.63	19.55	19.46	19.38	19.29
Operating Cash Flow (%)
Capital Expenditure	-11.75	-16.39	-21.97	-15.53	-27.64	-17.47	-17.40	-17.32	-17.25	-17.17
Capital Expenditure (%)
Free Cash Flow	4.69	-2.30	0.30	10.86	-2.11	2.16	2.15	2.14	2.13	2.12

Weighted Average Cost Of Capital

Share price	$ 775
Beta	0.499
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	51.05
After-tax Cost of Debt	1.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.048
Total Debt	155.97
Total Equity	83,301.65
Total Capital	83,457.62
Debt Weighting	0.19
Equity Weighting	99.81
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	362.88	382.84	410.33	373.94	353.09	351.54	349.99	348.45	346.92	345.39
Operating Cash Flow	16.44	14.09	22.26	26.39	25.53	19.63	19.55	19.46	19.38	19.29
Capital Expenditure	-11.75	-16.39	-21.97	-15.53	-27.64	-17.47	-17.40	-17.32	-17.25	-17.17
Free Cash Flow	4.69	-2.30	0.30	10.86	-2.11	2.16	2.15	2.14	2.13	2.12
WACC
PV LFCF						1.81	1.70	1.60	1.50	1.41
SUM PV LFCF										9.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.04
Free cash flow (t + 1)	2.16
Terminal Value	53.54
Present Value of Terminal Value	39.94

Intrinsic Value

Enterprise Value	48.94
Net Debt	103.02
Equity Value	-54.08
Shares Outstanding	107.49
Equity Value Per Share	-0.50