Discounted Cash Flow (DCF) Analysis Levered

Smartphoto Group NV (SMAR.BR)

30.1 €

-0.70 (-2.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.60 | 30.1 | overvalue

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 45.5946.5551.4761.3663.0568.5174.4580.9087.9195.52
Revenue (%)
Operating Cash Flow 5.726.778.6312.576.3810.2011.0912.0513.0914.23
Operating Cash Flow (%)
Capital Expenditure -1.87-1.19-1.55-2.49-3.32-2.60-2.83-3.07-3.34-3.63
Capital Expenditure (%)
Free Cash Flow 3.855.587.0910.083.077.608.268.989.7510.60

Weighted Average Cost Of Capital

Share price $ 30.1
Beta 0.737
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 20.53
After-tax Cost of Debt 3.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.010
Total Debt 3.80
Total Equity 2,404.01
Total Capital 2,407.81
Debt Weighting 0.16
Equity Weighting 99.84
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 45.5946.5551.4761.3663.0568.5174.4580.9087.9195.52
Operating Cash Flow 5.726.778.6312.576.3810.2011.0912.0513.0914.23
Capital Expenditure -1.87-1.19-1.55-2.49-3.32-2.60-2.83-3.07-3.34-3.63
Free Cash Flow 3.855.587.0910.083.077.608.268.989.7510.60
WACC
PV LFCF 5.805.895.986.076.17
SUM PV LFCF 36.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.00
Free cash flow (t + 1) 10.81
Terminal Value 216.23
Present Value of Terminal Value 154.17

Intrinsic Value

Enterprise Value 190.81
Net Debt -17.01
Equity Value 207.83
Shares Outstanding 79.87
Equity Value Per Share 2.60