Discounted Cash Flow (DCF) Analysis Levered
VGP NV (VGP.BR)
82.2 €
+1.50 (+1.86%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 26.59 | 27.80 | 31.46 | 46.41 | 72.77 | 94.96 | 123.93 | 161.74 | 211.08 | 275.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -51.03 | -29.33 | -52.17 | -87.47 | -70.64 | -142.22 | -185.60 | -242.21 | -316.10 | -412.53 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -263.34 | -453.85 | -412.58 | -608.54 | -954.24 | -1,245.33 | -1,625.21 | -2,120.98 | -2,767.97 | -3,612.33 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -314.37 | -483.17 | -464.75 | -696.01 | -1,024.88 | -1,387.54 | -1,810.81 | -2,363.19 | -3,084.07 | -4,024.86 |
Weighted Average Cost Of Capital
| Share price | $ 82.2 |
|---|---|
| Beta | 0.844 |
| Diluted Shares Outstanding | 22.31 |
| Cost of Debt | |
| Tax Rate | 14.05 |
| After-tax Cost of Debt | 1.37% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.476 |
| Total Debt | 2,374.17 |
| Total Equity | 1,834.01 |
| Total Capital | 4,208.18 |
| Debt Weighting | 56.42 |
| Equity Weighting | 43.58 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 26.59 | 27.80 | 31.46 | 46.41 | 72.77 | 94.96 | 123.93 | 161.74 | 211.08 | 275.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -51.03 | -29.33 | -52.17 | -87.47 | -70.64 | -142.22 | -185.60 | -242.21 | -316.10 | -412.53 |
| Capital Expenditure | -263.34 | -453.85 | -412.58 | -608.54 | -954.24 | -1,245.33 | -1,625.21 | -2,120.98 | -2,767.97 | -3,612.33 |
| Free Cash Flow | -314.37 | -483.17 | -464.75 | -696.01 | -1,024.88 | -1,387.54 | -1,810.81 | -2,363.19 | -3,084.07 | -4,024.86 |
| WACC | ||||||||||
| PV LFCF | -1,184.71 | -1,486.21 | -1,864.43 | -2,338.92 | -2,934.15 | |||||
| SUM PV LFCF | -11,042.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.03 |
| Free cash flow (t + 1) | -4,105.36 |
| Terminal Value | -202,234.39 |
| Present Value of Terminal Value | -165,982.39 |
Intrinsic Value
| Enterprise Value | -177,025.08 |
|---|---|
| Net Debt | 1,675 |
| Equity Value | -178,700.08 |
| Shares Outstanding | 22.31 |
| Equity Value Per Share | -8,009.30 |