Discounted Cash Flow (DCF) Analysis Levered

Lotus Bakeries NV (LOTB.BR)

8060 €

+230.00 (+2.94%)

All numbers are in Millions, Currency in USD

Stock DCF: 2,542.44 | 8060 | overvalue

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	556.43	612.74	663.29	750.25	877.45	983.70	1,102.81	1,236.34	1,386.04	1,553.87
Revenue (%)
Operating Cash Flow	66.90	83.40	102.51	109.82	110.81	134.48	150.77	169.02	189.49	212.43
Operating Cash Flow (%)
Capital Expenditure	-42.59	-47.48	-20.56	-42.05	-123.11	-75.03	-84.12	-94.30	-105.72	-118.52
Capital Expenditure (%)
Free Cash Flow	24.31	35.92	81.94	67.78	-12.30	59.45	66.65	74.72	83.77	93.91

Weighted Average Cost Of Capital

Share price	$ 8,060
Beta	0.335
Diluted Shares Outstanding	0.81
Cost of Debt
Tax Rate	22.97
After-tax Cost of Debt	3.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.836
Total Debt	266.24
Total Equity	6,545.57
Total Capital	6,811.82
Debt Weighting	3.91
Equity Weighting	96.09
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	556.43	612.74	663.29	750.25	877.45	983.70	1,102.81	1,236.34	1,386.04	1,553.87
Operating Cash Flow	66.90	83.40	102.51	109.82	110.81	134.48	150.77	169.02	189.49	212.43
Capital Expenditure	-42.59	-47.48	-20.56	-42.05	-123.11	-75.03	-84.12	-94.30	-105.72	-118.52
Free Cash Flow	24.31	35.92	81.94	67.78	-12.30	59.45	66.65	74.72	83.77	93.91
WACC
PV LFCF						56.22	59.61	63.20	67	71.04
SUM PV LFCF										317.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.74
Free cash flow (t + 1)	95.79
Terminal Value	2,561.12
Present Value of Terminal Value	1,937.46

Intrinsic Value

Enterprise Value	2,254.54
Net Debt	189.81
Equity Value	2,064.73
Shares Outstanding	0.81
Equity Value Per Share	2,542.44