Discounted Cash Flow (DCF) Analysis Levered

Intertrust N.V. (INTER.AS)

19.54 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 65.46 | 19.54 | 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 485.22496.06543.34564.47571.29595.38620.48646.64673.90702.32
Revenue (%)
Operating Cash Flow 156.93184.98186.66175.10111.86184.08191.84199.93208.35217.14
Operating Cash Flow (%)
Capital Expenditure -8.29-9.57-11.98-18.58-17.50-14.52-15.14-15.77-16.44-17.13
Capital Expenditure (%)
Free Cash Flow 148.64175.41174.67156.5294.36169.55176.70184.15191.92200.01

Weighted Average Cost Of Capital

Share price $ 19.54
Beta 0.384
Diluted Shares Outstanding 91.45
Cost of Debt
Tax Rate 25.80
After-tax Cost of Debt 2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.617
Total Debt 898.70
Total Equity 1,786.91
Total Capital 2,685.61
Debt Weighting 33.46
Equity Weighting 66.54
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 485.22496.06543.34564.47571.29595.38620.48646.64673.90702.32
Operating Cash Flow 156.93184.98186.66175.10111.86184.08191.84199.93208.35217.14
Capital Expenditure -8.29-9.57-11.98-18.58-17.50-14.52-15.14-15.77-16.44-17.13
Free Cash Flow 148.64175.41174.67156.5294.36169.55176.70184.15191.92200.01
WACC
PV LFCF 161.91161.13160.36159.58158.82
SUM PV LFCF 801.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.72
Free cash flow (t + 1) 204.01
Terminal Value 7,500.25
Present Value of Terminal Value 5,955.63

Intrinsic Value

Enterprise Value 6,757.43
Net Debt 770.80
Equity Value 5,986.63
Shares Outstanding 91.45
Equity Value Per Share 65.46