Discounted Cash Flow (DCF) Analysis Unlevered

Aedifica SA (AED.BR)

76.1 €

-0.20 (-0.26%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,042.57 | 76.1 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	94.23	121.22	155.95	200.62	258.09	332.02	427.13	549.49	706.90	909.39
Revenue (%)
EBITDA	84.80	145.03	163.45	210.28	270.51	348	447.69	575.93	740.92	953.16
EBITDA (%)
EBIT	83.99	144.38	162.37	208.88	268.72	345.69	444.72	572.11	736	946.84
EBIT (%)
Depreciation	0.80	0.65	1.08	1.39	1.79	2.31	2.97	3.82	4.91	6.32
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	10.59	15.41	23.55	15.34	13.89	34.58	44.48	57.22	73.62	94.70
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	22.69	16.51	18.77	41.40	45.41	58.41	75.15	96.67	124.37	159.99
Accounts Payable (%)
Capital Expenditure	-1.79	-0.06	-1.52	-1.96	-2.52	-3.24	-4.17	-5.37	-6.90	-8.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 76.1
Beta	0.667
Diluted Shares Outstanding	34.79
Cost of Debt
Tax Rate	14.14
After-tax Cost of Debt	1.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.708
Total Debt	2,452.42
Total Equity	2,647.48
Total Capital	5,099.90
Debt Weighting	48.09
Equity Weighting	51.91
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	94.23	121.22	155.95	200.62	258.09	332.02	427.13	549.49	706.90	909.39
EBITDA	84.80	145.03	163.45	210.28	270.51	348	447.69	575.93	740.92	953.16
EBIT	83.99	144.38	162.37	208.88	268.72	345.69	444.72	572.11	736	946.84
Tax Rate	4.53%	12.69%	12.09%	17.00%	14.14%	12.09%	12.09%	12.09%	12.09%	12.09%
EBIAT	80.19	126.06	142.74	173.37	230.73	303.91	390.96	502.96	647.03	832.38
Depreciation	0.80	0.65	1.08	1.39	1.79	2.31	2.97	3.82	4.91	6.32
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-6.19	2.26	22.63	4.01	13.01	16.73	21.53	27.69	35.63
Capital Expenditure	-1.79	-0.06	-1.52	-4.26	-2.52	-3.24	-4.17	-5.37	-6.90	-8.88
UFCF	79.20	120.46	144.56	195.43	234.01	315.98	406.49	522.94	672.74	865.45
WACC
PV UFCF			156.36	203.25	234.01	303.83	375.83	464.89	575.06	711.33
SUM PV UFCF										2,430.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.00
Free cash flow (t + 1)	882.76
Terminal Value	44,137.80
Present Value of Terminal Value	36,278.06

Intrinsic Value

Enterprise Value	38,708.99
Net Debt	2,438.53
Equity Value	36,270.46
Shares Outstanding	34.79
Equity Value Per Share	1,042.57