Discounted Cash Flow (DCF) Analysis Levered

TKH Group N.V. (TWEKA.AS)

43.1 €

-0.06 (-0.14%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.56 | 43.1 | 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 1,484.461,630.831,489.641,289.371,523.771,546.391,569.351,592.651,616.301,640.29
Revenue (%)
Operating Cash Flow 159.59126.72182.21187.83199.02180.56183.24185.96188.72191.52
Operating Cash Flow (%)
Capital Expenditure 1.24-76.140.25-70.66-74.24-46.15-46.83-47.53-48.23-48.95
Capital Expenditure (%)
Free Cash Flow 160.8350.58182.46117.17124.77134.41136.41138.43140.49142.57

Weighted Average Cost Of Capital

Share price $ 43.1
Beta 1.831
Diluted Shares Outstanding 80.36
Cost of Debt
Tax Rate 26.14
After-tax Cost of Debt 1.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.174
Total Debt 381.39
Total Equity 3,463.50
Total Capital 3,844.90
Debt Weighting 9.92
Equity Weighting 90.08
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 1,484.461,630.831,489.641,289.371,523.771,546.391,569.351,592.651,616.301,640.29
Operating Cash Flow 159.59126.72182.21187.83199.02180.56183.24185.96188.72191.52
Capital Expenditure 1.24-76.140.25-70.66-74.24-46.15-46.83-47.53-48.23-48.95
Free Cash Flow 160.8350.58182.46117.17124.77134.41136.41138.43140.49142.57
WACC
PV LFCF 120.97110.49100.9292.1884.19
SUM PV LFCF 508.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.11
Free cash flow (t + 1) 145.42
Terminal Value 1,596.32
Present Value of Terminal Value 942.66

Intrinsic Value

Enterprise Value 1,451.41
Net Debt 281.26
Equity Value 1,170.15
Shares Outstanding 80.36
Equity Value Per Share 14.56