Discounted Cash Flow (DCF) Analysis Levered

Marel hf. (MAREL.AS)

2.9 €

-0.08 (-2.68%)

All numbers are in Millions, Currency in USD

Stock DCF: 7.96 | 2.9 | undervalue

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	1,197.90	1,283.70	1,237.80	1,360.80	1,708.70	1,875.68	2,058.98	2,260.19	2,481.07	2,723.53
Revenue (%)
Operating Cash Flow	166.80	142.50	182.60	176.20	51.40	209.08	229.51	251.94	276.56	303.58
Operating Cash Flow (%)
Capital Expenditure	-57	-37.90	-54.60	-70.90	-88.40	-84.43	-92.68	-101.73	-111.68	-122.59
Capital Expenditure (%)
Free Cash Flow	109.80	104.60	128	105.30	-37	124.65	136.83	150.20	164.88	180.99

Weighted Average Cost Of Capital

Share price	$ 2.9
Beta	0.368
Diluted Shares Outstanding	752.70
Cost of Debt
Tax Rate	21.84
After-tax Cost of Debt	1.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.522
Total Debt	892.40
Total Equity	2,182.83
Total Capital	3,075.23
Debt Weighting	29.02
Equity Weighting	70.98
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	1,197.90	1,283.70	1,237.80	1,360.80	1,708.70	1,875.68	2,058.98	2,260.19	2,481.07	2,723.53
Operating Cash Flow	166.80	142.50	182.60	176.20	51.40	209.08	229.51	251.94	276.56	303.58
Capital Expenditure	-57	-37.90	-54.60	-70.90	-88.40	-84.43	-92.68	-101.73	-111.68	-122.59
Free Cash Flow	109.80	104.60	128	105.30	-37	124.65	136.83	150.20	164.88	180.99
WACC
PV LFCF						96.16	101.09	106.27	111.72	117.44
SUM PV LFCF										661.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.42
Free cash flow (t + 1)	184.61
Terminal Value	7,628.71
Present Value of Terminal Value	6,145.16

Intrinsic Value

Enterprise Value	6,806.43
Net Debt	816.70
Equity Value	5,989.73
Shares Outstanding	752.70
Equity Value Per Share	7.96