Discounted Cash Flow (DCF) Analysis Levered

Lingotes Especiales, S.A. (LGT.MC)

6.46 €

-0.08 (-1.22%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.03 | 6.46 | 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	103.86	114.90	114.39	90.88	85.51	82.04	78.70	75.50	72.43	69.48
Revenue (%)
Operating Cash Flow	9.95	12.02	15.63	11.50	1.67	7.93	7.60	7.30	7	6.71
Operating Cash Flow (%)
Capital Expenditure	-10.01	-11.47	-7.51	-5.91	-6.29	-6.57	-6.30	-6.05	-5.80	-5.56
Capital Expenditure (%)
Free Cash Flow	-0.06	0.55	8.12	5.59	-4.62	1.36	1.30	1.25	1.20	1.15

Weighted Average Cost Of Capital

Share price	$ 6.46
Beta	1.238
Diluted Shares Outstanding	10
Cost of Debt
Tax Rate	27.09
After-tax Cost of Debt	1.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.546
Total Debt	22.07
Total Equity	64.60
Total Capital	86.67
Debt Weighting	25.47
Equity Weighting	74.53
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	103.86	114.90	114.39	90.88	85.51	82.04	78.70	75.50	72.43	69.48
Operating Cash Flow	9.95	12.02	15.63	11.50	1.67	7.93	7.60	7.30	7	6.71
Capital Expenditure	-10.01	-11.47	-7.51	-5.91	-6.29	-6.57	-6.30	-6.05	-5.80	-5.56
Free Cash Flow	-0.06	0.55	8.12	5.59	-4.62	1.36	1.30	1.25	1.20	1.15
WACC
PV LFCF						1.26	1.13	1.01	0.90	0.81
SUM PV LFCF										5.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.38
Free cash flow (t + 1)	1.17
Terminal Value	21.81
Present Value of Terminal Value	15.28

Intrinsic Value

Enterprise Value	20.39
Net Debt	20.09
Equity Value	0.30
Shares Outstanding	10
Equity Value Per Share	0.03