Discounted Cash Flow (DCF) Analysis Levered

Ion Beam Applications SA (IBAB.BR)

12.8 €

-0.38 (-2.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.49 | 12.8 | 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 287.42208.44282.55311.96312.96327.68343.08359.21376.10393.78
Revenue (%)
Operating Cash Flow -44.64-18.5248.63100.4287.2134.6436.2637.9739.7541.62
Operating Cash Flow (%)
Capital Expenditure -15.28-18.74-5.12-4-5.03-12.46-13.04-13.66-14.30-14.97
Capital Expenditure (%)
Free Cash Flow -59.92-37.2643.5096.4282.1822.1823.2224.3125.4626.65

Weighted Average Cost Of Capital

Share price $ 12.8
Beta 0.601
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 53.01
After-tax Cost of Debt 1.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.532
Total Debt 68.98
Total Equity 1,375.82
Total Capital 1,444.80
Debt Weighting 4.77
Equity Weighting 95.23
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 287.42208.44282.55311.96312.96327.68343.08359.21376.10393.78
Operating Cash Flow -44.64-18.5248.63100.4287.2134.6436.2637.9739.7541.62
Capital Expenditure -15.28-18.74-5.12-4-5.03-12.46-13.04-13.66-14.30-14.97
Free Cash Flow -59.92-37.2643.5096.4282.1822.1823.2224.3125.4626.65
WACC
PV LFCF 20.8620.5520.2419.9419.64
SUM PV LFCF 101.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.30
Free cash flow (t + 1) 27.19
Terminal Value 632.24
Present Value of Terminal Value 465.82

Intrinsic Value

Enterprise Value 567.05
Net Debt -130.29
Equity Value 697.34
Shares Outstanding 107.49
Equity Value Per Share 6.49