Discounted Cash Flow (DCF) Analysis Levered

Vastned Retail N.V. (VASTN.AS)

20.2 €

+1.06 (+5.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.31 | 20.2 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77.4877.0669.2964.9261.2557.7954.5351.4548.5545.81
Revenue (%)
Operating Cash Flow 44.8041.2338.2028.5732.2330.4128.6927.0725.5424.10
Operating Cash Flow (%)
Capital Expenditure -8.0213.76-1.29-3.130.130.120.110.110.100.10
Capital Expenditure (%)
Free Cash Flow 36.7854.9936.9125.4432.3530.5328.8027.1825.6424.20

Weighted Average Cost Of Capital

Share price $ 20.2
Beta 0.917
Diluted Shares Outstanding 17.15
Cost of Debt
Tax Rate 12.27
After-tax Cost of Debt 4.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.130
Total Debt -
Total Equity 346.47
Total Capital 346.47
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 77.4877.0669.2964.9261.2557.7954.5351.4548.5545.81
Operating Cash Flow 44.8041.2338.2028.5732.2330.4128.6927.0725.5424.10
Capital Expenditure -8.0213.76-1.29-3.130.130.120.110.110.100.10
Free Cash Flow 36.7854.9936.9125.4432.3530.5328.8027.1825.6424.20
WACC
PV LFCF 32.3528.2324.6421.5018.7616.37
SUM PV LFCF 109.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.13
Free cash flow (t + 1) 24.68
Terminal Value 402.61
Present Value of Terminal Value 272.37

Intrinsic Value

Enterprise Value 381.86
Net Debt -0.77
Equity Value 382.63
Shares Outstanding 17.15
Equity Value Per Share 22.31