Discounted Cash Flow (DCF) Analysis Levered

Intervest Offices & Warehouses (INTO.BR)

20.2 €

-0.30 (-1.46%)
All numbers are in Millions, Currency in USD
Stock DCF: -47.81 | 20.2 | 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 57.2159.1781.5176.7380.4388.5097.39107.16117.91129.74
Revenue (%)
Operating Cash Flow 30.1132.8647.2241.4746.7649.2654.2059.6465.6272.21
Operating Cash Flow (%)
Capital Expenditure -32.35-157.785.11-1.08-1.47-56.67-62.36-68.62-75.50-83.08
Capital Expenditure (%)
Free Cash Flow -2.24-124.9252.3340.3845.28-7.42-8.16-8.98-9.88-10.87

Weighted Average Cost Of Capital

Share price $ 20.2
Beta 0.389
Diluted Shares Outstanding 25.98
Cost of Debt
Tax Rate 7.08
After-tax Cost of Debt 1.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.801
Total Debt 529.71
Total Equity 524.86
Total Capital 1,054.56
Debt Weighting 50.23
Equity Weighting 49.77
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 57.2159.1781.5176.7380.4388.5097.39107.16117.91129.74
Operating Cash Flow 30.1132.8647.2241.4746.7649.2654.2059.6465.6272.21
Capital Expenditure -32.35-157.785.11-1.08-1.47-56.67-62.36-68.62-75.50-83.08
Free Cash Flow -2.24-124.9252.3340.3845.28-7.42-8.16-8.98-9.88-10.87
WACC
PV LFCF -6.71-7.14-7.60-8.09-8.61
SUM PV LFCF -40.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.39
Free cash flow (t + 1) -11.09
Terminal Value -797.78
Present Value of Terminal Value -675.29

Intrinsic Value

Enterprise Value -716.07
Net Debt 526.17
Equity Value -1,242.24
Shares Outstanding 25.98
Equity Value Per Share -47.81