Discounted Cash Flow (DCF) Analysis Levered

Ter Beke NV (TERB.BR)

85.6 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.83 | 85.6 | 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	508.56	680.46	728.13	717.42	696.91	760.46	829.81	905.48	988.06	1,078.17
Revenue (%)
Operating Cash Flow	21.78	39.70	39.68	56.35	50.76	46.70	50.96	55.61	60.68	66.21
Operating Cash Flow (%)
Capital Expenditure	-13.71	-27.43	-18.52	-27.66	-19.28	-24.17	-26.38	-28.78	-31.41	-34.27
Capital Expenditure (%)
Free Cash Flow	8.07	12.27	21.16	28.69	31.48	22.53	24.58	26.82	29.27	31.94

Weighted Average Cost Of Capital

Share price	$ 85.6
Beta	0.407
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	45.57
After-tax Cost of Debt	1.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.419
Total Debt	85.31
Total Equity	6,836.64
Total Capital	6,921.95
Debt Weighting	1.23
Equity Weighting	98.77
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	508.56	680.46	728.13	717.42	696.91	760.46	829.81	905.48	988.06	1,078.17
Operating Cash Flow	21.78	39.70	39.68	56.35	50.76	46.70	50.96	55.61	60.68	66.21
Capital Expenditure	-13.71	-27.43	-18.52	-27.66	-19.28	-24.17	-26.38	-28.78	-31.41	-34.27
Free Cash Flow	8.07	12.27	21.16	28.69	31.48	22.53	24.58	26.82	29.27	31.94
WACC
PV LFCF						21.38	22.14	22.93	23.74	24.59
SUM PV LFCF										114.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.37
Free cash flow (t + 1)	32.58
Terminal Value	966.72
Present Value of Terminal Value	744.25

Intrinsic Value

Enterprise Value	859.03
Net Debt	73.76
Equity Value	785.27
Shares Outstanding	79.87
Equity Value Per Share	9.83