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 576.62609.48611.18567.25585.43588.35591.29594.24597.20600.18
Revenue (%)
Operating Cash Flow 220.21247.23279.52280.34214.33247.72248.95250.20251.44252.70
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 114.55163.84181.56233.03157.78170.02170.86171.72172.57173.43

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 576.62609.48611.18567.25585.43588.35591.29594.24597.20600.18
Operating Cash Flow 220.21247.23279.52280.34214.33247.72248.95250.20251.44252.70
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 114.55163.84181.56233.03157.78170.02170.86171.72172.57173.43
WACC
PV LFCF 164.41159.78155.28150.91146.66
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