Discounted Cash Flow (DCF) Analysis Levered

Ordina N.V. (ORDI.AS)

4.26 €

-0.10 (-2.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.95 | 4.26 | undervalue

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 344.89358.52372.26369.23394.47408.09422.17436.75451.82467.42
Revenue (%)
Operating Cash Flow 14.5912.2925.1142.5742.4029.9430.9732.0433.1534.29
Operating Cash Flow (%)
Capital Expenditure -3.46-2.85-2.76-2.48-4.99-3.65-3.78-3.91-4.04-4.18
Capital Expenditure (%)
Free Cash Flow 11.139.4522.3640.0937.4126.2927.2028.1429.1130.11

Weighted Average Cost Of Capital

Share price $ 4.26
Beta 1.215
Diluted Shares Outstanding 94.54
Cost of Debt
Tax Rate 28.60
After-tax Cost of Debt 2.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.532
Total Debt 34.52
Total Equity 402.74
Total Capital 437.26
Debt Weighting 7.89
Equity Weighting 92.11
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 344.89358.52372.26369.23394.47408.09422.17436.75451.82467.42
Operating Cash Flow 14.5912.2925.1142.5742.4029.9430.9732.0433.1534.29
Capital Expenditure -3.46-2.85-2.76-2.48-4.99-3.65-3.78-3.91-4.04-4.18
Free Cash Flow 11.139.4522.3640.0937.4126.2927.2028.1429.1130.11
WACC
PV LFCF 24.3423.3122.3221.3820.47
SUM PV LFCF 111.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.02
Free cash flow (t + 1) 30.71
Terminal Value 510.20
Present Value of Terminal Value 346.91

Intrinsic Value

Enterprise Value 458.74
Net Debt -9.08
Equity Value 467.82
Shares Outstanding 94.54
Equity Value Per Share 4.95