Discounted Cash Flow (DCF) Analysis Levered

Wereldhave Belgium (WEHB.BR)

48.7 €

+0.90 (+1.88%)

All numbers are in Millions, Currency in USD

Stock DCF: 56.59 | 48.7 | undervalue

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	66.71	73.48	67.42	67.49	72.21	73.83	75.49	77.19	78.92	80.69
Revenue (%)
Operating Cash Flow	40.39	48.42	39.95	47.47	48.92	47.81	48.88	49.98	51.11	52.25
Operating Cash Flow (%)
Capital Expenditure	-69.81	-17.54	-0.04	-0.03	-0.02	-19	-19.42	-19.86	-20.31	-20.76
Capital Expenditure (%)
Free Cash Flow	-29.42	30.88	39.92	47.45	48.90	28.81	29.46	30.12	30.80	31.49

Weighted Average Cost Of Capital

Share price	$ 48.7
Beta	0.885
Diluted Shares Outstanding	8.82
Cost of Debt
Tax Rate	0.09
After-tax Cost of Debt	2.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.873
Total Debt	223.80
Total Equity	429.51
Total Capital	653.31
Debt Weighting	34.26
Equity Weighting	65.74
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	66.71	73.48	67.42	67.49	72.21	73.83	75.49	77.19	78.92	80.69
Operating Cash Flow	40.39	48.42	39.95	47.47	48.92	47.81	48.88	49.98	51.11	52.25
Capital Expenditure	-69.81	-17.54	-0.04	-0.03	-0.02	-19	-19.42	-19.86	-20.31	-20.76
Free Cash Flow	-29.42	30.88	39.92	47.45	48.90	28.81	29.46	30.12	30.80	31.49
WACC
PV LFCF						27.16	26.18	25.24	24.32	23.44
SUM PV LFCF										126.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.08
Free cash flow (t + 1)	32.12
Terminal Value	787.33
Present Value of Terminal Value	586.12

Intrinsic Value

Enterprise Value	712.47
Net Debt	213.38
Equity Value	499.09
Shares Outstanding	8.82
Equity Value Per Share	56.59