Discounted Cash Flow (DCF) Analysis Levered
Veoneer, Inc. (VNE)
$36.95
+0.07 (+0.19%)
All numbers are in Millions, Currency in USD
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 | 2,322.20 | 2,228 | 1,902 | 1,373 | 1,657 | 1,550.05 | 1,450.01 | 1,356.43 | 1,268.88 | 1,186.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -1.20 | -179 | -325 | -192 | -291 | -175.83 | -164.49 | -153.87 | -143.94 | -134.65 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -110 | -189 | -213 | -101 | -61 | -109.92 | -102.82 | -96.19 | -89.98 | -84.17 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -111.20 | -368 | -538 | -293 | -352 | -285.75 | -267.31 | -250.06 | -233.92 | -218.82 |
Weighted Average Cost Of Capital
| Share price | $ 36.95 |
|---|---|
| Beta | 2.291 |
| Diluted Shares Outstanding | 111.56 |
| Cost of Debt | |
| Tax Rate | -4.34 |
| After-tax Cost of Debt | 7.39% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.451 |
| Total Debt | 284 |
| Total Equity | 4,122.14 |
| Total Capital | 4,406.14 |
| Debt Weighting | 6.45 |
| Equity Weighting | 93.55 |
| 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 | 2,322.20 | 2,228 | 1,902 | 1,373 | 1,657 | 1,550.05 | 1,450.01 | 1,356.43 | 1,268.88 | 1,186.98 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -1.20 | -179 | -325 | -192 | -291 | -175.83 | -164.49 | -153.87 | -143.94 | -134.65 |
| Capital Expenditure | -110 | -189 | -213 | -101 | -61 | -109.92 | -102.82 | -96.19 | -89.98 | -84.17 |
| Free Cash Flow | -111.20 | -368 | -538 | -293 | -352 | -285.75 | -267.31 | -250.06 | -233.92 | -218.82 |
| WACC | ||||||||||
| PV LFCF | -250.66 | -205.69 | -168.78 | -138.50 | -113.65 | |||||
| SUM PV LFCF | -877.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.00 |
| Free cash flow (t + 1) | -223.20 |
| Terminal Value | -1,859.97 |
| Present Value of Terminal Value | -966.01 |
Intrinsic Value
| Enterprise Value | -1,843.29 |
|---|---|
| Net Debt | -139 |
| Equity Value | -1,704.29 |
| Shares Outstanding | 111.56 |
| Equity Value Per Share | -15.28 |