Discounted Cash Flow (DCF) Analysis Levered

Home Invest Belgium S.A. (HOMI.BR)

19.65 €

-0.35 (-1.77%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.53 | 19.65 | overvalue

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	23.42	25.04	26.18	27.84	29.15	30.80	32.53	34.37	36.30	38.35
Revenue (%)
Operating Cash Flow	7.29	10.39	14.75	16.99	18.48	15.61	16.49	17.42	18.40	19.44
Operating Cash Flow (%)
Capital Expenditure	-21.18	-0.68	-5.38	-5.10	-20.11	-12.38	-13.08	-13.81	-14.59	-15.41
Capital Expenditure (%)
Free Cash Flow	-13.89	9.71	9.37	11.89	-1.62	3.23	3.41	3.60	3.81	4.02

Weighted Average Cost Of Capital

Share price	$ 19.65
Beta	0.142
Diluted Shares Outstanding	31.43
Cost of Debt
Tax Rate	0.45
After-tax Cost of Debt	0.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.186
Total Debt	381.77
Total Equity	617.55
Total Capital	999.31
Debt Weighting	38.20
Equity Weighting	61.80
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	23.42	25.04	26.18	27.84	29.15	30.80	32.53	34.37	36.30	38.35
Operating Cash Flow	7.29	10.39	14.75	16.99	18.48	15.61	16.49	17.42	18.40	19.44
Capital Expenditure	-21.18	-0.68	-5.38	-5.10	-20.11	-12.38	-13.08	-13.81	-14.59	-15.41
Free Cash Flow	-13.89	9.71	9.37	11.89	-1.62	3.23	3.41	3.60	3.81	4.02
WACC
PV LFCF						3.14	3.22	3.30	3.39	3.48
SUM PV LFCF										16.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.94
Free cash flow (t + 1)	4.10
Terminal Value	436.48
Present Value of Terminal Value	377.61

Intrinsic Value

Enterprise Value	394.15
Net Debt	377.58
Equity Value	16.56
Shares Outstanding	31.43
Equity Value Per Share	0.53