Discounted Cash Flow (DCF) Analysis Unlevered

Akzo Nobel N.V. (AKZA.AS)

68.48 €

+0.32 (+0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 327.27 | 68.48 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 9,2569,2768,5309,58710,84611,325.8711,826.9812,350.2612,896.6913,467.29
Revenue (%)
EBITDA 9071,2591,3771,5301,0761,481.301,546.841,615.281,686.751,761.38
EBITDA (%)
EBIT 6688991,0161,1797081,079.251,1271,176.861,228.931,283.30
EBIT (%)
Depreciation 239360361351368402.05419.84438.42457.82478.07
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 8,2481,4011,8561,2101,7863,512.383,667.783,830.063,999.524,176.47
Total Cash (%)
Account Receivables 2,1522,156.651,983.212,228.962,521.672,633.242,749.752,871.412,998.453,131.12
Account Receivables (%)
Inventories 1,1391,1391,1591,6501,8431,639.421,711.961,787.701,866.801,949.39
Inventories (%)
Accounts Payable 1,8431,8832,0322,3762,2062,472.572,581.972,696.202,815.502,940.07
Accounts Payable (%)
Capital Expenditure -160-214-258-288-292-288.96-301.74-315.09-329.03-343.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 68.48
Beta 1.096
Diluted Shares Outstanding 185.67
Cost of Debt
Tax Rate 41.53
After-tax Cost of Debt 2.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.458
Total Debt 5,875
Total Equity 12,714.95
Total Capital 18,589.95
Debt Weighting 31.60
Equity Weighting 68.40
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 9,2569,2768,5309,58710,84611,325.8711,826.9812,350.2612,896.6913,467.29
EBITDA 9071,2591,3771,5301,0761,481.301,546.841,615.281,686.751,761.38
EBIT 6688991,0161,1797081,079.251,1271,176.861,228.931,283.30
Tax Rate -1,064.75%31.34%31.45%24.98%41.53%-187.09%-187.09%-187.09%-187.09%-187.09%
EBIAT 7,780.51617.28696.50884.52413.983,098.423,235.513,378.663,528.153,684.25
Depreciation 239360361351368402.05419.84438.42457.82478.07
Accounts Receivable --4.65173.44-245.75-292.71-111.57-116.51-121.66-127.04-132.66
Inventories -0-20-491-193203.58-72.54-75.74-79.10-82.60
Accounts Payable -40149344-170266.57109.40114.24119.29124.57
Capital Expenditure -160-214-258-288-292-288.96-301.74-315.09-329.03-343.59
UFCF 7,859.51798.631,101.94554.77-165.733,570.103,273.973,418.823,570.083,728.04
WACC
PV UFCF 3,328.452,845.762,770.532,697.292,625.98
SUM PV UFCF 14,268.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.26
Free cash flow (t + 1) 3,802.60
Terminal Value 72,292.81
Present Value of Terminal Value 50,922.08

Intrinsic Value

Enterprise Value 65,190.09
Net Debt 4,425
Equity Value 60,765.09
Shares Outstanding 185.67
Equity Value Per Share 327.27