Discounted Cash Flow (DCF) Analysis Levered

Nomad Foods Limited (NOMD)

$21.4

+0.30 (+1.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 48.13 | 21.4 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,956.602,172.802,324.302,515.902,736.172,975.733,236.263,519.613,827.764,162.88
Revenue (%)
Operating Cash Flow 193.80321.30315.40457306.30402.44437.68476517.67563
Operating Cash Flow (%)
Capital Expenditure -42.60-41.60-47.30-58.70-79.20-67.58-73.49-79.93-86.92-94.54
Capital Expenditure (%)
Free Cash Flow 151.20279.70268.10398.30227.10334.87364.19396.07430.75468.46

Weighted Average Cost Of Capital

Share price $ 21.4
Beta 0.721
Diluted Shares Outstanding 194
Cost of Debt
Tax Rate 23.54
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.148
Total Debt 2,227.40
Total Equity 4,151.60
Total Capital 6,379
Debt Weighting 34.92
Equity Weighting 65.08
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,956.602,172.802,324.302,515.902,736.172,975.733,236.263,519.613,827.764,162.88
Operating Cash Flow 193.80321.30315.40457306.30402.44437.68476517.67563
Capital Expenditure -42.60-41.60-47.30-58.70-79.20-67.58-73.49-79.93-86.92-94.54
Free Cash Flow 151.20279.70268.10398.30227.10334.87364.19396.07430.75468.46
WACC
PV LFCF 227.10317.89328.20338.84349.82361.17
SUM PV LFCF 1,695.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.34
Free cash flow (t + 1) 477.83
Terminal Value 14,306.28
Present Value of Terminal Value 11,029.61

Intrinsic Value

Enterprise Value 12,725.53
Net Debt 1,973.20
Equity Value 10,752.33
Shares Outstanding 194
Equity Value Per Share 55.42