Discounted Cash Flow (DCF) Analysis Levered

Wereldhave N.V. (WHA.AS)

14.19 €

+0.40 (+2.90%)

All numbers are in Millions, Currency in USD

Stock DCF: 29.19 | 14.19 | undervalue

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	264.34	232.02	240.86	220.40	190.77	176.29	162.92	150.55	139.13	128.57
Revenue (%)
Operating Cash Flow	138.91	152.05	114.83	97.44	80.41	88.89	82.15	75.91	70.15	64.83
Operating Cash Flow (%)
Capital Expenditure	-67.62	285.65	-69.52	-0.22	-0.41	24.10	22.27	20.58	19.02	17.58
Capital Expenditure (%)
Free Cash Flow	71.28	437.70	45.31	97.22	80	112.99	104.42	96.50	89.17	82.41

Weighted Average Cost Of Capital

Share price	$ 14.19
Beta	1.434
Diluted Shares Outstanding	40.15
Cost of Debt
Tax Rate	-5.41
After-tax Cost of Debt	2.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.462
Total Debt	833.16
Total Equity	569.68
Total Capital	1,402.83
Debt Weighting	59.39
Equity Weighting	40.61
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	264.34	232.02	240.86	220.40	190.77	176.29	162.92	150.55	139.13	128.57
Operating Cash Flow	138.91	152.05	114.83	97.44	80.41	88.89	82.15	75.91	70.15	64.83
Capital Expenditure	-67.62	285.65	-69.52	-0.22	-0.41	24.10	22.27	20.58	19.02	17.58
Free Cash Flow	71.28	437.70	45.31	97.22	80	112.99	104.42	96.50	89.17	82.41
WACC
PV LFCF						106.59	92.92	81	70.61	61.55
SUM PV LFCF										412.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.01
Free cash flow (t + 1)	84.05
Terminal Value	2,096.12
Present Value of Terminal Value	1,565.60

Intrinsic Value

Enterprise Value	1,978.26
Net Debt	806.39
Equity Value	1,171.87
Shares Outstanding	40.15
Equity Value Per Share	29.19