Discounted Cash Flow (DCF) Analysis Levered

Sif Holding N.V. (SIFG.AS)

13.76 €

-0.26 (-1.85%)

All numbers are in Millions, Currency in USD

Stock DCF: 38.68 | 13.76 | 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	327.18	235.14	325.60	335.43	422.54	464.09	509.71	559.83	614.87	675.33
Revenue (%)
Operating Cash Flow	53.89	5.55	30.85	34.34	91.23	55.81	61.30	67.33	73.95	81.22
Operating Cash Flow (%)
Capital Expenditure	-27.59	-3.14	-14.56	-4.93	-10.93	-16.98	-18.65	-20.48	-22.50	-24.71
Capital Expenditure (%)
Free Cash Flow	26.30	2.40	16.30	29.41	80.30	38.83	42.65	46.85	51.45	56.51

Weighted Average Cost Of Capital

Share price	$ 13.76
Beta	0.771
Diluted Shares Outstanding	31.43
Cost of Debt
Tax Rate	23.22
After-tax Cost of Debt	1.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.276
Total Debt	105.68
Total Equity	432.44
Total Capital	538.12
Debt Weighting	19.64
Equity Weighting	80.36
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	327.18	235.14	325.60	335.43	422.54	464.09	509.71	559.83	614.87	675.33
Operating Cash Flow	53.89	5.55	30.85	34.34	91.23	55.81	61.30	67.33	73.95	81.22
Capital Expenditure	-27.59	-3.14	-14.56	-4.93	-10.93	-16.98	-18.65	-20.48	-22.50	-24.71
Free Cash Flow	26.30	2.40	16.30	29.41	80.30	38.83	42.65	46.85	51.45	56.51
WACC
PV LFCF						32.53	33.68	34.87	36.11	37.38
SUM PV LFCF										196.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.08
Free cash flow (t + 1)	57.64
Terminal Value	1,412.75
Present Value of Terminal Value	1,051.71

Intrinsic Value

Enterprise Value	1,248.17
Net Debt	32.48
Equity Value	1,215.68
Shares Outstanding	31.43
Equity Value Per Share	38.68