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
Stock DCF: 58.01 | 21.65 | undervalue

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 709.68700.17701.44707.361,254.441,4961,784.072,127.622,537.323,025.92
Revenue (%)
EBITDA 51.9250.4055.6049.47103.97112.86134.60160.51191.42228.28
EBITDA (%)
EBIT 46.2745.0646.7039.4279.3894.29112.45134.10159.93190.72
EBIT (%)
Depreciation 5.645.338.8910.0624.5918.5722.1526.4131.5037.56
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 2.590.960.733.513.254.074.865.796.918.24
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 149.57142.51140.91265.71393.20390.23465.38554.99661.86789.31
Inventories (%)
Accounts Payable 45.5940.6841.6656.2283.3498.03116.91139.42166.27198.28
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 709.68700.17701.44707.361,254.441,4961,784.072,127.622,537.323,025.92
EBITDA 51.9250.4055.6049.47103.97112.86134.60160.51191.42228.28
EBIT 46.2745.0646.7039.4279.3894.29112.45134.10159.93190.72
Tax Rate 25.07%24.15%23.77%26.74%26.18%25.18%25.18%25.18%25.18%25.18%
EBIAT 34.6734.1835.6028.8858.6070.5584.13100.34119.66142.70
Depreciation 5.645.338.8910.0624.5918.5722.1526.4131.5037.56
Accounts Receivable ----------
Inventories -7.061.60-124.80-127.492.97-75.14-89.61-106.87-127.45
Accounts Payable --4.910.9814.5627.1214.6918.8822.5126.8532.02
Capital Expenditure -5.74-5.56-7.80-5.35-7.77-12.24-14.59-17.40-20.75-24.75
UFCF 34.5836.1039.28-76.65-24.9594.5535.4242.2450.3860.08
WACC
PV UFCF 90.3232.3336.8341.9547.80
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