Discounted Cash Flow (DCF) Analysis Unlevered

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

4.274 €

+0.03 (+0.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.54 | 4.274 | 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 777.61735.54608.58785.221,051.901,157.921,274.631,403.101,544.531,700.20
Revenue (%)
EBITDA 332.63231.80121.86225.01318.16354.83390.59429.96473.29521
EBITDA (%)
EBIT 272.43174.8674.74164.22236.72265.18291.91321.33353.71389.37
EBIT (%)
Depreciation 60.2056.9547.1260.7981.4489.6598.68108.63119.58131.63
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 240.77181.34254.57238.94233.61347.57382.60421.17463.62510.35
Total Cash (%)
Account Receivables 129130.58112.88138.43185.45204.14224.72247.36272.30299.74
Account Receivables (%)
Inventories 70.1085.6874.0281.55110.90124.49137.03150.85166.05182.79
Inventories (%)
Accounts Payable 123.71102.38104.10134.74108.74172.37189.75208.87229.92253.10
Accounts Payable (%)
Capital Expenditure -64.92-71.10-37.37-65.11-45.32-85.12-93.70-103.15-113.54-124.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.274
Beta 1.164
Diluted Shares Outstanding 208.75
Cost of Debt
Tax Rate 26.50
After-tax Cost of Debt 1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.093
Total Debt 642.71
Total Equity 892.20
Total Capital 1,534.92
Debt Weighting 41.87
Equity Weighting 58.13
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 777.61735.54608.58785.221,051.901,157.921,274.631,403.101,544.531,700.20
EBITDA 332.63231.80121.86225.01318.16354.83390.59429.96473.29521
EBIT 272.43174.8674.74164.22236.72265.18291.91321.33353.71389.37
Tax Rate 22.40%26.00%-16.86%17.71%26.50%15.15%15.15%15.15%15.15%15.15%
EBIAT 211.41129.3987.34135.14173.99225247.68272.65300.13330.38
Depreciation 60.2056.9547.1260.7981.4489.6598.68108.63119.58131.63
Accounts Receivable --1.5817.70-25.56-47.02-18.69-20.58-22.65-24.93-27.45
Inventories --15.5911.66-7.53-29.35-13.59-12.55-13.81-15.20-16.74
Accounts Payable --21.331.7330.64-2663.6317.3719.1221.0523.17
Capital Expenditure -64.92-71.10-37.37-65.11-45.32-85.12-93.70-103.15-113.54-124.99
UFCF 206.6976.74128.18128.37107.74260.88236.91260.79287.08316.01
WACC
PV UFCF 244.98208.92215.96223.24230.76
SUM PV UFCF 1,123.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.49
Free cash flow (t + 1) 322.33
Terminal Value 7,178.93
Present Value of Terminal Value 5,242.22

Intrinsic Value

Enterprise Value 6,366.07
Net Debt 409.11
Equity Value 5,956.97
Shares Outstanding 208.75
Equity Value Per Share 28.54