Discounted Cash Flow (DCF) Analysis Levered

Intervest Offices & Warehouses (INTO.BR)

20.85 €

+0.50 (+2.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.83 | 20.85 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 59.1781.5176.7380.4396.41110.05125.62143.38163.66186.81
Revenue (%)
Operating Cash Flow 32.8647.2241.4746.7536.7358.0566.2675.6386.3398.54
Operating Cash Flow (%)
Capital Expenditure -0.17-0.67-1.08-1.47-4.59-2-2.29-2.61-2.98-3.40
Capital Expenditure (%)
Free Cash Flow 32.6946.5540.3945.2832.1456.0463.9773.0283.3595.14

Weighted Average Cost Of Capital

Share price $ 20.85
Beta 0.165
Diluted Shares Outstanding 26.66
Cost of Debt
Tax Rate 11.23
After-tax Cost of Debt 3.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.071
Total Debt 627.76
Total Equity 555.96
Total Capital 1,183.72
Debt Weighting 53.03
Equity Weighting 46.97
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 59.1781.5176.7380.4396.41110.05125.62143.38163.66186.81
Operating Cash Flow 32.8647.2241.4746.7536.7358.0566.2675.6386.3398.54
Capital Expenditure -0.17-0.67-1.08-1.47-4.59-2-2.29-2.61-2.98-3.40
Free Cash Flow 32.6946.5540.3945.2832.1456.0463.9773.0283.3595.14
WACC
PV LFCF 53.6858.6964.1770.1676.71
SUM PV LFCF 323.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.40
Free cash flow (t + 1) 95.61
Terminal Value 2,451.59
Present Value of Terminal Value 1,976.72

Intrinsic Value

Enterprise Value 2,300.13
Net Debt 624.71
Equity Value 1,675.43
Shares Outstanding 26.66
Equity Value Per Share 62.83