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	1,484.46	1,630.83	1,489.64	1,289.37	1,523.77	1,546.39	1,569.35	1,592.65	1,616.30	1,640.29
Revenue (%)
Operating Cash Flow	159.59	126.72	182.21	187.83	199.02	180.56	183.24	185.96	188.72	191.52
Operating Cash Flow (%)
Capital Expenditure	1.24	-76.14	0.25	-70.66	-74.24	-46.15	-46.83	-47.53	-48.23	-48.95
Capital Expenditure (%)
Free Cash Flow	160.83	50.58	182.46	117.17	124.77	134.41	136.41	138.43	140.49	142.57

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	1,484.46	1,630.83	1,489.64	1,289.37	1,523.77	1,546.39	1,569.35	1,592.65	1,616.30	1,640.29
Operating Cash Flow	159.59	126.72	182.21	187.83	199.02	180.56	183.24	185.96	188.72	191.52
Capital Expenditure	1.24	-76.14	0.25	-70.66	-74.24	-46.15	-46.83	-47.53	-48.23	-48.95
Free Cash Flow	160.83	50.58	182.46	117.17	124.77	134.41	136.41	138.43	140.49	142.57
WACC
PV LFCF						120.97	110.49	100.92	92.18	84.19
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