Discounted Cash Flow (DCF) Analysis Levered

Neinor Homes, S.A. (HOME.MC)

9.68 €

+0.34 (+3.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 70.91 | 9.68 | 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 220.39379.99488.86572.80914.301,320.841,908.152,756.613,982.325,753.05
Revenue (%)
Operating Cash Flow -186.4390.55145.81134.67225.2045.4665.6794.87137.06198
Operating Cash Flow (%)
Capital Expenditure -1.23-6.73-1.83-0.81-0.74-7.73-11.16-16.13-23.30-33.66
Capital Expenditure (%)
Free Cash Flow -187.6583.82143.98133.86224.4637.7354.5178.74113.76164.34

Weighted Average Cost Of Capital

Share price $ 9.68
Beta 0.472
Diluted Shares Outstanding 73.93
Cost of Debt
Tax Rate 16.33
After-tax Cost of Debt 3.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.759
Total Debt 557.07
Total Equity 715.64
Total Capital 1,272.71
Debt Weighting 43.77
Equity Weighting 56.23
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 220.39379.99488.86572.80914.301,320.841,908.152,756.613,982.325,753.05
Operating Cash Flow -186.4390.55145.81134.67225.2045.4665.6794.87137.06198
Capital Expenditure -1.23-6.73-1.83-0.81-0.74-7.73-11.16-16.13-23.30-33.66
Free Cash Flow -187.6583.82143.98133.86224.4637.7354.5178.74113.76164.34
WACC
PV LFCF 36.0749.8268.8195.03131.24
SUM PV LFCF 380.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.60
Free cash flow (t + 1) 167.63
Terminal Value 6,447.14
Present Value of Terminal Value 5,148.83

Intrinsic Value

Enterprise Value 5,529.80
Net Debt 287.39
Equity Value 5,242.42
Shares Outstanding 73.93
Equity Value Per Share 70.91