Discounted Cash Flow (DCF) Analysis Levered

G. Willi-Food International Ltd. (WILC)

$14.09

+0.35 (+2.55%)

All numbers are in Millions, Currency in USD

Stock DCF: 36.42 | 14.09 | 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	311.98	338.25	395.64	454.09	454.21	499.85	550.07	605.34	666.15	733.08
Revenue (%)
Operating Cash Flow	14.44	27.04	-2.57	64.18	45.52	36.12	39.75	43.74	48.13	52.97
Operating Cash Flow (%)
Capital Expenditure	-2.65	-2.14	-1.79	-2.90	-6.21	-3.94	-4.34	-4.77	-5.25	-5.78
Capital Expenditure (%)
Free Cash Flow	11.79	24.90	-4.36	61.27	39.31	32.18	35.41	38.97	42.88	47.19

Weighted Average Cost Of Capital

Share price	$ 14.09
Beta	0.756
Diluted Shares Outstanding	13.87
Cost of Debt
Tax Rate	22.00
After-tax Cost of Debt	380.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.097
Total Debt	4.20
Total Equity	195.39
Total Capital	199.58
Debt Weighting	2.10
Equity Weighting	97.90
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	311.98	338.25	395.64	454.09	454.21	499.85	550.07	605.34	666.15	733.08
Operating Cash Flow	14.44	27.04	-2.57	64.18	45.52	36.12	39.75	43.74	48.13	52.97
Capital Expenditure	-2.65	-2.14	-1.79	-2.90	-6.21	-3.94	-4.34	-4.77	-5.25	-5.78
Free Cash Flow	11.79	24.90	-4.36	61.27	39.31	32.18	35.41	38.97	42.88	47.19
WACC
PV LFCF						27.99	26.79	25.65	24.55	23.50
SUM PV LFCF										128.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	14.96
Free cash flow (t + 1)	48.13
Terminal Value	371.40
Present Value of Terminal Value	184.97

Intrinsic Value

Enterprise Value	313.46
Net Debt	-191.52
Equity Value	504.98
Shares Outstanding	13.87
Equity Value Per Share	36.42