Discounted Cash Flow (DCF) Analysis Unlevered

Altri, SGPS, S.A. (ALTR.LS)

4.046 €

-0.05 (-1.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.40 | 4.046 | 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 656.06777.61735.54608.58785.22834.06885.94941.05999.591,061.77
Revenue (%)
EBITDA 186.34323.89226.38119.09226.23248.90264.39280.83298.30316.86
EBITDA (%)
EBIT 132.65263.68151.0442.18150.05167.99178.44189.53201.32213.85
EBIT (%)
Depreciation 53.6960.2075.3576.9176.1880.9285.9591.3096.98103.01
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 193.60240.77181.34254.57238.94262.54278.87296.22314.64334.21
Total Cash (%)
Account Receivables 1131299172104118.87126.27134.12142.46151.33
Account Receivables (%)
Inventories 50.7370.1085.6874.0281.5584.9890.2795.88101.85108.18
Inventories (%)
Accounts Payable 95.37123.71102.38104.10134.74131.17139.33147.99157.20166.98
Accounts Payable (%)
Capital Expenditure -84.97-64.92-71.10-37.37-65.11-75.73-80.44-85.45-90.76-96.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.046
Beta 1.115
Diluted Shares Outstanding 205.13
Cost of Debt
Tax Rate 17.71
After-tax Cost of Debt 1.51%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.957
Total Debt 656.77
Total Equity 829.96
Total Capital 1,486.74
Debt Weighting 44.18
Equity Weighting 55.82
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 656.06777.61735.54608.58785.22834.06885.94941.05999.591,061.77
EBITDA 186.34323.89226.38119.09226.23248.90264.39280.83298.30316.86
EBIT 132.65263.68151.0442.18150.05167.99178.44189.53201.32213.85
Tax Rate 18.99%22.40%26.00%-16.86%17.71%13.65%13.65%13.65%13.65%13.65%
EBIAT 107.46204.62111.7649.30123.48145.06154.08163.67173.85184.66
Depreciation 53.6960.2075.3576.9176.1880.9285.9591.3096.98103.01
Accounts Receivable --163819-32-14.87-7.39-7.85-8.34-8.86
Inventories --19.37-15.5911.66-7.53-3.43-5.29-5.61-5.96-6.34
Accounts Payable -28.34-21.331.7330.64-3.588.168.679.219.78
Capital Expenditure -84.97-64.92-71.10-37.37-65.11-75.73-80.44-85.45-90.76-96.41
UFCF 76.18192.87117.09121.22125.66128.36155.07164.71174.96185.84
WACC
PV UFCF 121.48138.87139.60140.32141.06
SUM PV UFCF 681.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.67
Free cash flow (t + 1) 189.56
Terminal Value 5,165.15
Present Value of Terminal Value 3,920.34

Intrinsic Value

Enterprise Value 4,601.67
Net Debt 417.83
Equity Value 4,183.84
Shares Outstanding 205.13
Equity Value Per Share 20.40