Discounted Cash Flow (DCF) Analysis Levered

Leasinvest Real Estate SCA (LEAS.BR)

72.6 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -30.61 | 72.6 | overvalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	62.20	60.64	61.80	71.01	65.42	66.48	67.54	68.63	69.74	70.86
Revenue (%)
Operating Cash Flow	34.92	41.26	37.10	45.68	54.93	44.21	44.92	45.64	46.37	47.12
Operating Cash Flow (%)
Capital Expenditure	11.87	-9.45	-122.44	-63.85	-0.74	-37.98	-38.59	-39.21	-39.84	-40.48
Capital Expenditure (%)
Free Cash Flow	46.79	31.81	-85.35	-18.16	54.20	6.23	6.33	6.43	6.53	6.64

Weighted Average Cost Of Capital

Share price	$ 72.6
Beta	0.611
Diluted Shares Outstanding	5.93
Cost of Debt
Tax Rate	5.88
After-tax Cost of Debt	1.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.574
Total Debt	663.51
Total Equity	430.27
Total Capital	1,093.78
Debt Weighting	60.66
Equity Weighting	39.34
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	62.20	60.64	61.80	71.01	65.42	66.48	67.54	68.63	69.74	70.86
Operating Cash Flow	34.92	41.26	37.10	45.68	54.93	44.21	44.92	45.64	46.37	47.12
Capital Expenditure	11.87	-9.45	-122.44	-63.85	-0.74	-37.98	-38.59	-39.21	-39.84	-40.48
Free Cash Flow	46.79	31.81	-85.35	-18.16	54.20	6.23	6.33	6.43	6.53	6.64
WACC
PV LFCF						6.03	5.93	5.84	5.74	5.65
SUM PV LFCF										29.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.28
Free cash flow (t + 1)	6.77
Terminal Value	529.02
Present Value of Terminal Value	450.18

Intrinsic Value

Enterprise Value	479.37
Net Debt	660.76
Equity Value	-181.39
Shares Outstanding	5.93
Equity Value Per Share	-30.61