Discounted Cash Flow (DCF) Analysis Levered
Jerónimo Martins, SGPS, S.A. (JMT.LS)
22.58 €
-0.20 (-0.88%)
All numbers are in Millions, Currency in USD
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 | 16,276.15 | 17,336.71 | 18,638.22 | 19,293.50 | 20,889 | 22,236.79 | 23,671.55 | 25,198.88 | 26,824.76 | 28,555.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 909.45 | 848.59 | 1,492.09 | 1,448.88 | 1,756 | 1,530.07 | 1,628.79 | 1,733.88 | 1,845.76 | 1,964.85 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -661.69 | -719.76 | -575.53 | -513.70 | -584 | -745.52 | -793.62 | -844.83 | -899.34 | -957.36 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 247.77 | 128.83 | 916.56 | 935.17 | 1,172 | 784.55 | 835.17 | 889.05 | 946.42 | 1,007.48 |
Weighted Average Cost Of Capital
| Share price | $ 22.58 |
|---|---|
| Beta | 0.430 |
| Diluted Shares Outstanding | 628.43 |
| Cost of Debt | |
| Tax Rate | 28.99 |
| After-tax Cost of Debt | 3.66% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.683 |
| Total Debt | 2,847 |
| Total Equity | 14,190.04 |
| Total Capital | 17,037.04 |
| Debt Weighting | 16.71 |
| Equity Weighting | 83.29 |
| 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 | 16,276.15 | 17,336.71 | 18,638.22 | 19,293.50 | 20,889 | 22,236.79 | 23,671.55 | 25,198.88 | 26,824.76 | 28,555.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 909.45 | 848.59 | 1,492.09 | 1,448.88 | 1,756 | 1,530.07 | 1,628.79 | 1,733.88 | 1,845.76 | 1,964.85 |
| Capital Expenditure | -661.69 | -719.76 | -575.53 | -513.70 | -584 | -745.52 | -793.62 | -844.83 | -899.34 | -957.36 |
| Free Cash Flow | 247.77 | 128.83 | 916.56 | 935.17 | 1,172 | 784.55 | 835.17 | 889.05 | 946.42 | 1,007.48 |
| WACC | ||||||||||
| PV LFCF | 744.71 | 752.50 | 760.37 | 768.32 | 776.36 | |||||
| SUM PV LFCF | 3,802.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.35 |
| Free cash flow (t + 1) | 1,027.63 |
| Terminal Value | 30,675.56 |
| Present Value of Terminal Value | 23,638.49 |
Intrinsic Value
| Enterprise Value | 27,440.75 |
|---|---|
| Net Debt | 1,353 |
| Equity Value | 26,087.75 |
| Shares Outstanding | 628.43 |
| Equity Value Per Share | 41.51 |