Discounted Cash Flow (DCF) Analysis Levered

Ramada Investimentos e Industria, S... (RAM.LS)

6.38 €

-0.06 (-0.93%)

All numbers are in Millions, Currency in USD

Stock DCF: 20.19 | 6.38 | 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	127.42	114.03	102.70	142.78	193.69	219.95	249.77	283.64	322.10	365.77
Revenue (%)
Operating Cash Flow	-	-	-	-	23.37	26.54	30.14	34.22	38.86	44.13
Operating Cash Flow (%)
Capital Expenditure	-4.31	-2.54	-1	-5.41	-4.35	-5.55	-6.30	-7.16	-8.13	-9.23
Capital Expenditure (%)
Free Cash Flow	-4.31	-2.54	-1	-5.41	19.02	20.99	23.83	27.07	30.74	34.90

Weighted Average Cost Of Capital

Share price	$ 6.38
Beta	1.059
Diluted Shares Outstanding	25.48
Cost of Debt
Tax Rate	19.94
After-tax Cost of Debt	3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.154
Total Debt	54.77
Total Equity	162.57
Total Capital	217.34
Debt Weighting	25.20
Equity Weighting	74.80
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	127.42	114.03	102.70	142.78	193.69	219.95	249.77	283.64	322.10	365.77
Operating Cash Flow	-	-	-	-	23.37	26.54	30.14	34.22	38.86	44.13
Capital Expenditure	-4.31	-2.54	-1	-5.41	-4.35	-5.55	-6.30	-7.16	-8.13	-9.23
Free Cash Flow	-4.31	-2.54	-1	-5.41	19.02	20.99	23.83	27.07	30.74	34.90
WACC
PV LFCF						19.49	20.55	21.67	22.85	24.10
SUM PV LFCF										108.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.69
Free cash flow (t + 1)	35.60
Terminal Value	625.69
Present Value of Terminal Value	432

Intrinsic Value

Enterprise Value	540.67
Net Debt	26.22
Equity Value	514.44
Shares Outstanding	25.48
Equity Value Per Share	20.19