Discounted Cash Flow (DCF) Analysis Levered

Koninklijke Vopak N.V. (VPK.AS)

32.06 €

+0.47 (+1.49%)

All numbers are in Millions, Currency in USD

Stock DCF: 22.59 | 32.06 | overvalue

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	1,254.50	1,252.60	1,190	1,227.90	1,367	1,399	1,431.75	1,465.27	1,499.57	1,534.68
Revenue (%)
Operating Cash Flow	639.60	646.50	774	682	825.20	793.37	811.94	830.95	850.40	870.31
Operating Cash Flow (%)
Capital Expenditure	-524.70	-619.20	-650.80	-518.50	-386.10	-605.54	-619.72	-634.22	-649.07	-664.27
Capital Expenditure (%)
Free Cash Flow	114.90	27.30	123.20	163.50	439.10	187.83	192.22	196.72	201.33	206.04

Weighted Average Cost Of Capital

Share price	$ 32.06
Beta	0.567
Diluted Shares Outstanding	125.55
Cost of Debt
Tax Rate	-360.11
After-tax Cost of Debt	3.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.252
Total Debt	3,084.60
Total Equity	4,024.97
Total Capital	7,109.57
Debt Weighting	43.39
Equity Weighting	56.61
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	1,254.50	1,252.60	1,190	1,227.90	1,367	1,399	1,431.75	1,465.27	1,499.57	1,534.68
Operating Cash Flow	639.60	646.50	774	682	825.20	793.37	811.94	830.95	850.40	870.31
Capital Expenditure	-524.70	-619.20	-650.80	-518.50	-386.10	-605.54	-619.72	-634.22	-649.07	-664.27
Free Cash Flow	114.90	27.30	123.20	163.50	439.10	187.83	192.22	196.72	201.33	206.04
WACC
PV LFCF						178.49	173.59	168.82	164.19	159.68
SUM PV LFCF										844.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.23
Free cash flow (t + 1)	210.16
Terminal Value	6,506.55
Present Value of Terminal Value	5,042.58

Intrinsic Value

Enterprise Value	5,887.35
Net Debt	3,050.80
Equity Value	2,836.55
Shares Outstanding	125.55
Equity Value Per Share	22.59