Discounted Cash Flow (DCF) Analysis Unlevered

Agfa-Gevaert NV (AGFB.BR)

2.875 €

-0.01 (-0.17%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.05 | 2.875 | overvalue

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 2,4432,2472,2391,7091,7601,632.111,513.511,403.531,301.541,206.97
Revenue (%)
EBITDA 17911111172574208.43193.28179.24166.21154.13
EBITDA (%)
EBIT 123511765612153.84142.67132.30122.69113.77
EBIT (%)
Depreciation 566094696254.5850.6146.9443.5340.36
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 68141107594400232.81215.89200.21185.66172.17
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 487498436389418352.80327.17303.39281.35260.90
Inventories (%)
Accounts Payable 220217232198252179.30166.27154.19142.98132.59
Accounts Payable (%)
Capital Expenditure -46-40-38-33-26-28.62-26.54-24.61-22.83-21.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.875
Beta 0.742
Diluted Shares Outstanding 165
Cost of Debt
Tax Rate 1,800.00
After-tax Cost of Debt -326.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.195
Total Debt 73
Total Equity 474.39
Total Capital 547.39
Debt Weighting 13.34
Equity Weighting 86.66
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 2,4432,2472,2391,7091,7601,632.111,513.511,403.531,301.541,206.97
EBITDA 17911111172574208.43193.28179.24166.21154.13
EBIT 123511765612153.84142.67132.30122.69113.77
Tax Rate 62.24%226.32%-112.00%838.55%1,800.00%563.02%563.02%563.02%563.02%563.02%
EBIAT 46.44-64.4236.04-4,844.92-204-712.34-660.57-612.57-568.06-526.78
Depreciation 566094696254.5850.6146.9443.5340.36
Accounts Receivable ----------
Inventories --116247-2965.2025.6423.7722.0520.44
Accounts Payable --315-3454-72.70-13.03-12.08-11.20-10.39
Capital Expenditure -46-40-38-33-26-28.62-26.54-24.61-22.83-21.17
UFCF 56.44-58.42169.04-4,795.92-143-693.88-623.89-578.56-536.52-497.53
WACC
PV UFCF -1,105.79-1,584.47-2,341.56-3,460.42-5,113.89
SUM PV UFCF -13,606.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -37.25
Free cash flow (t + 1) -507.48
Terminal Value 1,292.95
Present Value of Terminal Value 13,289.61

Intrinsic Value

Enterprise Value -316.52
Net Debt -325
Equity Value 8.48
Shares Outstanding 165
Equity Value Per Share 0.05