Discounted Cash Flow (DCF) Analysis Levered

Greenyard NV (GREEN.BR)

6.73 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 17.28 | 6.73 | 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	4,175.91	3,911.47	4,060.99	4,416.23	4,400.54	4,465.25	4,530.92	4,597.55	4,665.16	4,733.76
Revenue (%)
Operating Cash Flow	115.14	-51.06	126.64	158.85	132.20	99.77	101.23	102.72	104.23	105.77
Operating Cash Flow (%)
Capital Expenditure	-71.77	-68.01	-36.07	-48.27	-48.48	-58.41	-59.27	-60.14	-61.02	-61.92
Capital Expenditure (%)
Free Cash Flow	43.36	-119.07	90.57	110.58	83.72	41.36	41.97	42.58	43.21	43.84

Weighted Average Cost Of Capital

Share price	$ 6.73
Beta	1.010
Diluted Shares Outstanding	50.63
Cost of Debt
Tax Rate	32.87
After-tax Cost of Debt	2.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.553
Total Debt	627.24
Total Equity	340.73
Total Capital	967.96
Debt Weighting	64.80
Equity Weighting	35.20
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	4,175.91	3,911.47	4,060.99	4,416.23	4,400.54	4,465.25	4,530.92	4,597.55	4,665.16	4,733.76
Operating Cash Flow	115.14	-51.06	126.64	158.85	132.20	99.77	101.23	102.72	104.23	105.77
Capital Expenditure	-71.77	-68.01	-36.07	-48.27	-48.48	-58.41	-59.27	-60.14	-61.02	-61.92
Free Cash Flow	43.36	-119.07	90.57	110.58	83.72	41.36	41.97	42.58	43.21	43.84
WACC
PV LFCF						31.06	30.04	29.06	28.12	27.20
SUM PV LFCF										184.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.89
Free cash flow (t + 1)	44.72
Terminal Value	1,547.44
Present Value of Terminal Value	1,218.83

Intrinsic Value

Enterprise Value	1,403.53
Net Debt	528.73
Equity Value	874.80
Shares Outstanding	50.63
Equity Value Per Share	17.28