Discounted Cash Flow (DCF) Analysis Levered

Kinepolis Group NV (KIN.BR)

42.05 €

+0.25 (+0.60%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.80 | 42.05 | 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 355.43475.88551.48176.28266.39288.28311.96337.58365.32395.33
Revenue (%)
Operating Cash Flow 77.2990.98150.92-20.2488.8751.9556.2260.8465.8471.25
Operating Cash Flow (%)
Capital Expenditure -32.770.505.94-45.26-17.31-23.18-25.09-27.15-29.38-31.79
Capital Expenditure (%)
Free Cash Flow 44.5291.48156.87-65.5071.5728.7731.1333.6936.4639.45

Weighted Average Cost Of Capital

Share price $ 42.05
Beta 1.538
Diluted Shares Outstanding 27.02
Cost of Debt
Tax Rate 27.24
After-tax Cost of Debt 2.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.951
Total Debt 940.63
Total Equity 1,136.20
Total Capital 2,076.83
Debt Weighting 45.29
Equity Weighting 54.71
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 355.43475.88551.48176.28266.39288.28311.96337.58365.32395.33
Operating Cash Flow 77.2990.98150.92-20.2488.8751.9556.2260.8465.8471.25
Capital Expenditure -32.770.505.94-45.26-17.31-23.18-25.09-27.15-29.38-31.79
Free Cash Flow 44.5291.48156.87-65.5071.5728.7731.1333.6936.4639.45
WACC
PV LFCF 26.8827.1827.4927.7928.10
SUM PV LFCF 137.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.02
Free cash flow (t + 1) 40.24
Terminal Value 801.66
Present Value of Terminal Value 571.04

Intrinsic Value

Enterprise Value 708.49
Net Debt 865.34
Equity Value -156.84
Shares Outstanding 27.02
Equity Value Per Share -5.80