Discounted Cash Flow (DCF) Analysis Unlevered
Acomo N.V. (ACOMO.AS)
21.65 €
-0.10 (-0.46%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 709.68 | 700.17 | 701.44 | 707.36 | 1,254.44 | 1,496 | 1,784.07 | 2,127.62 | 2,537.32 | 3,025.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 51.92 | 50.40 | 55.60 | 49.47 | 103.97 | 112.86 | 134.60 | 160.51 | 191.42 | 228.28 |
| EBITDA (%) | ||||||||||
| EBIT | 46.27 | 45.06 | 46.70 | 39.42 | 79.38 | 94.29 | 112.45 | 134.10 | 159.93 | 190.72 |
| EBIT (%) | ||||||||||
| Depreciation | 5.64 | 5.33 | 8.89 | 10.06 | 24.59 | 18.57 | 22.15 | 26.41 | 31.50 | 37.56 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 2.59 | 0.96 | 0.73 | 3.51 | 3.25 | 4.07 | 4.86 | 5.79 | 6.91 | 8.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 149.57 | 142.51 | 140.91 | 265.71 | 393.20 | 390.23 | 465.38 | 554.99 | 661.86 | 789.31 |
| Inventories (%) | ||||||||||
| Accounts Payable | 45.59 | 40.68 | 41.66 | 56.22 | 83.34 | 98.03 | 116.91 | 139.42 | 166.27 | 198.28 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -5.74 | -5.56 | -7.80 | -5.35 | -7.77 | -12.24 | -14.59 | -17.40 | -20.75 | -24.75 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 21.65 |
|---|---|
| Beta | 0.771 |
| Diluted Shares Outstanding | 29.65 |
| Cost of Debt | |
| Tax Rate | 26.18 |
| After-tax Cost of Debt | 1.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.517 |
| Total Debt | 351.41 |
| Total Equity | 642.01 |
| Total Capital | 993.41 |
| Debt Weighting | 35.37 |
| Equity Weighting | 64.63 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 709.68 | 700.17 | 701.44 | 707.36 | 1,254.44 | 1,496 | 1,784.07 | 2,127.62 | 2,537.32 | 3,025.92 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 51.92 | 50.40 | 55.60 | 49.47 | 103.97 | 112.86 | 134.60 | 160.51 | 191.42 | 228.28 |
| EBIT | 46.27 | 45.06 | 46.70 | 39.42 | 79.38 | 94.29 | 112.45 | 134.10 | 159.93 | 190.72 |
| Tax Rate | 25.07% | 24.15% | 23.77% | 26.74% | 26.18% | 25.18% | 25.18% | 25.18% | 25.18% | 25.18% |
| EBIAT | 34.67 | 34.18 | 35.60 | 28.88 | 58.60 | 70.55 | 84.13 | 100.34 | 119.66 | 142.70 |
| Depreciation | 5.64 | 5.33 | 8.89 | 10.06 | 24.59 | 18.57 | 22.15 | 26.41 | 31.50 | 37.56 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 7.06 | 1.60 | -124.80 | -127.49 | 2.97 | -75.14 | -89.61 | -106.87 | -127.45 |
| Accounts Payable | - | -4.91 | 0.98 | 14.56 | 27.12 | 14.69 | 18.88 | 22.51 | 26.85 | 32.02 |
| Capital Expenditure | -5.74 | -5.56 | -7.80 | -5.35 | -7.77 | -12.24 | -14.59 | -17.40 | -20.75 | -24.75 |
| UFCF | 34.58 | 36.10 | 39.28 | -76.65 | -24.95 | 94.55 | 35.42 | 42.24 | 50.38 | 60.08 |
| WACC | ||||||||||
| PV UFCF | 90.32 | 32.33 | 36.83 | 41.95 | 47.80 | |||||
| SUM PV UFCF | 249.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.68 |
| Free cash flow (t + 1) | 61.28 |
| Terminal Value | 2,286.54 |
| Present Value of Terminal Value | 1,819.12 |
Intrinsic Value
| Enterprise Value | 2,068.34 |
|---|---|
| Net Debt | 348.15 |
| Equity Value | 1,720.18 |
| Shares Outstanding | 29.65 |
| Equity Value Per Share | 58.01 |