Discounted Cash Flow (DCF) Analysis Levered

Prosegur Compañía de Seguridad, S.A... (PSG.MC)

1.815 €

+0.04 (+2.20%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.95 | 1.815 | 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 4,290.663,939.214,198.213,570.423,498.063,335.443,180.373,032.512,891.522,757.09
Revenue (%)
Operating Cash Flow 278.60276.32366.73324.31330.30271.96259.32247.26235.77224.81
Operating Cash Flow (%)
Capital Expenditure -212.94-214.60-204.85-144.38-144.14-156.46-149.19-142.25-135.64-129.33
Capital Expenditure (%)
Free Cash Flow 65.6661.72161.87179.93186.17115.50110.13105.01100.1395.47

Weighted Average Cost Of Capital

Share price $ 1.815
Beta 1.138
Diluted Shares Outstanding 539.06
Cost of Debt
Tax Rate 70.50
After-tax Cost of Debt 0.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.982
Total Debt 1,674.53
Total Equity 978.39
Total Capital 2,652.92
Debt Weighting 63.12
Equity Weighting 36.88
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 4,290.663,939.214,198.213,570.423,498.063,335.443,180.373,032.512,891.522,757.09
Operating Cash Flow 278.60276.32366.73324.31330.30271.96259.32247.26235.77224.81
Capital Expenditure -212.94-214.60-204.85-144.38-144.14-156.46-149.19-142.25-135.64-129.33
Free Cash Flow 65.6661.72161.87179.93186.17115.50110.13105.01100.1395.47
WACC
PV LFCF 111.42102.4994.2886.7279.77
SUM PV LFCF 474.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.66
Free cash flow (t + 1) 97.38
Terminal Value 5,866.46
Present Value of Terminal Value 4,901.40

Intrinsic Value

Enterprise Value 5,376.08
Net Debt 1,089.58
Equity Value 4,286.50
Shares Outstanding 539.06
Equity Value Per Share 7.95