Discounted Cash Flow (DCF) Analysis Levered

TomTom N.V. (TOM2.AS)

7.985 €

-0.09 (-1.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.42 | 7.985 | 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 903.39686.80700.76528.19506.93442.81386.80337.87295.14257.81
Revenue (%)
Operating Cash Flow 172.82228.9793.68-20.1836.7861.3553.5946.8140.8935.72
Operating Cash Flow (%)
Capital Expenditure -120.24-84.15-24.06-6.30-13.27-29.05-25.38-22.17-19.37-16.92
Capital Expenditure (%)
Free Cash Flow 52.58144.8269.62-26.4823.5132.2928.2124.6421.5218.80

Weighted Average Cost Of Capital

Share price $ 7.985
Beta 1.200
Diluted Shares Outstanding 129.43
Cost of Debt
Tax Rate -8.97
After-tax Cost of Debt 5.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.353
Total Debt 33.34
Total Equity 1,033.50
Total Capital 1,066.84
Debt Weighting 3.13
Equity Weighting 96.87
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 903.39686.80700.76528.19506.93442.81386.80337.87295.14257.81
Operating Cash Flow 172.82228.9793.68-20.1836.7861.3553.5946.8140.8935.72
Capital Expenditure -120.24-84.15-24.06-6.30-13.27-29.05-25.38-22.17-19.37-16.92
Free Cash Flow 52.58144.8269.62-26.4823.5132.2928.2124.6421.5218.80
WACC
PV LFCF 29.5723.6518.9115.1312.10
SUM PV LFCF 99.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.22
Free cash flow (t + 1) 19.18
Terminal Value 265.63
Present Value of Terminal Value 170.91

Intrinsic Value

Enterprise Value 270.26
Net Debt -172.48
Equity Value 442.74
Shares Outstanding 129.43
Equity Value Per Share 3.42