Discounted Cash Flow (DCF) Analysis Levered
Natuzzi S.p.A. (NTZ)
$6
+0.24 (+4.17%)
All numbers are in Millions, Currency in USD
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 | 449.59 | 428.54 | 386.96 | 328.34 | 427.37 | 428.05 | 428.72 | 429.39 | 430.07 | 430.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -4.89 | -11.35 | 4.65 | 12.27 | 0.54 | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -6.71 | -8.16 | -4.72 | -2.88 | -4.99 | -5.70 | -5.71 | -5.72 | -5.73 | -5.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -11.60 | -19.51 | -0.07 | 9.39 | -4.45 | -4.56 | -4.57 | -4.58 | -4.58 | -4.59 |
Weighted Average Cost Of Capital
| Share price | $ 6 |
|---|---|
| Beta | 1.605 |
| Diluted Shares Outstanding | 10.29 |
| Cost of Debt | |
| Tax Rate | 59.14 |
| After-tax Cost of Debt | 1.74% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.210 |
| Total Debt | 110.72 |
| Total Equity | 61.71 |
| Total Capital | 172.44 |
| Debt Weighting | 64.21 |
| Equity Weighting | 35.79 |
| 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 | 449.59 | 428.54 | 386.96 | 328.34 | 427.37 | 428.05 | 428.72 | 429.39 | 430.07 | 430.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -4.89 | -11.35 | 4.65 | 12.27 | 0.54 | 1.14 | 1.14 | 1.14 | 1.14 | 1.14 |
| Capital Expenditure | -6.71 | -8.16 | -4.72 | -2.88 | -4.99 | -5.70 | -5.71 | -5.72 | -5.73 | -5.74 |
| Free Cash Flow | -11.60 | -19.51 | -0.07 | 9.39 | -4.45 | -4.56 | -4.57 | -4.58 | -4.58 | -4.59 |
| WACC | ||||||||||
| PV LFCF | -4.34 | -4.14 | -3.94 | -3.75 | -3.58 | |||||
| SUM PV LFCF | -19.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.13 |
| Free cash flow (t + 1) | -4.68 |
| Terminal Value | -149.65 |
| Present Value of Terminal Value | -116.53 |
Intrinsic Value
| Enterprise Value | -136.27 |
|---|---|
| Net Debt | 57.25 |
| Equity Value | -193.53 |
| Shares Outstanding | 10.29 |
| Equity Value Per Share | -18.82 |