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	220.39	379.99	488.86	572.80	914.30	1,320.84	1,908.15	2,756.61	3,982.32	5,753.05
Revenue (%)
Operating Cash Flow	-186.43	90.55	145.81	134.67	225.20	45.46	65.67	94.87	137.06	198
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	-187.65	83.82	143.98	133.86	224.46	37.73	54.51	78.74	113.76	164.34

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	220.39	379.99	488.86	572.80	914.30	1,320.84	1,908.15	2,756.61	3,982.32	5,753.05
Operating Cash Flow	-186.43	90.55	145.81	134.67	225.20	45.46	65.67	94.87	137.06	198
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	-187.65	83.82	143.98	133.86	224.46	37.73	54.51	78.74	113.76	164.34
WACC
PV LFCF						36.07	49.82	68.81	95.03	131.24
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