Discounted Cash Flow (DCF) Analysis Levered

Fluxys Belgium SA (FLUX.BR)

30.2 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 149.92 | 30.2 | undervalue

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	576.62	609.48	611.18	567.25	585.43	588.35	591.29	594.24	597.20	600.18
Revenue (%)
Operating Cash Flow	220.21	247.23	279.52	280.34	214.33	247.72	248.95	250.20	251.44	252.70
Operating Cash Flow (%)
Capital Expenditure	-105.66	-83.40	-97.96	-47.31	-56.55	-77.70	-78.09	-78.48	-78.87	-79.26
Capital Expenditure (%)
Free Cash Flow	114.55	163.84	181.56	233.03	157.78	170.02	170.86	171.72	172.57	173.43

Weighted Average Cost Of Capital

Share price	$ 30.2
Beta	0.248
Diluted Shares Outstanding	70.26
Cost of Debt
Tax Rate	24.84
After-tax Cost of Debt	2.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.021
Total Debt	1,219.52
Total Equity	2,121.96
Total Capital	3,341.48
Debt Weighting	36.50
Equity Weighting	63.50
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	576.62	609.48	611.18	567.25	585.43	588.35	591.29	594.24	597.20	600.18
Operating Cash Flow	220.21	247.23	279.52	280.34	214.33	247.72	248.95	250.20	251.44	252.70
Capital Expenditure	-105.66	-83.40	-97.96	-47.31	-56.55	-77.70	-78.09	-78.48	-78.87	-79.26
Free Cash Flow	114.55	163.84	181.56	233.03	157.78	170.02	170.86	171.72	172.57	173.43
WACC
PV LFCF						164.41	159.78	155.28	150.91	146.66
SUM PV LFCF										777.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.41
Free cash flow (t + 1)	176.90
Terminal Value	12,546.23
Present Value of Terminal Value	10,609.63

Intrinsic Value

Enterprise Value	11,386.68
Net Debt	852.59
Equity Value	10,534.09
Shares Outstanding	70.26
Equity Value Per Share	149.92