Discounted Cash Flow (DCF) Analysis Unlevered

Ascencio SCA (ASC.BR)

54.9 €

+0.40 (+0.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 152.60 | 54.9 | 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 47.5047.8451.4046.2848.5348.9049.2749.6550.0350.41
Revenue (%)
EBITDA 37.2023.6712.9152.06101.2646.3646.7147.0747.4347.79
EBITDA (%)
EBIT 37.1423.6112.8451.98101.2246.3046.654747.3647.72
EBIT (%)
Depreciation 0.060.060.080.080.030.070.070.070.070.07
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 4.034.654.713.715.244.524.554.584.624.65
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.655.996.455.705.986.026.076.116.166.21
Accounts Payable (%)
Capital Expenditure -1.33-3.98-87.25-0.02-0.05-17.70-17.84-17.97-18.11-18.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 54.9
Beta 0.544
Diluted Shares Outstanding 6.60
Cost of Debt
Tax Rate 5.13
After-tax Cost of Debt 1.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.089
Total Debt 326.71
Total Equity 362.12
Total Capital 688.83
Debt Weighting 47.43
Equity Weighting 52.57
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 47.5047.8451.4046.2848.5348.9049.2749.6550.0350.41
EBITDA 37.2023.6712.9152.06101.2646.3646.7147.0747.4347.79
EBIT 37.1423.6112.8451.98101.2246.3046.654747.3647.72
Tax Rate 1.52%-1.13%4.32%0.96%5.13%2.16%2.16%2.16%2.16%2.16%
EBIAT 36.5823.8712.2851.4896.0445.3045.6445.9946.3446.69
Depreciation 0.060.060.080.080.030.070.070.070.070.07
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.340.46-0.750.280.050.050.050.050.05
Capital Expenditure -1.33-3.98-87.25-0.02-0.05-17.70-17.84-17.97-18.11-18.25
UFCF 35.3120.30-74.4350.7996.3027.7027.9228.1328.3428.56
WACC
PV UFCF 26.6425.8125.0124.2423.48
SUM PV UFCF 125.19

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.99
Free cash flow (t + 1) 29.13
Terminal Value 1,463.81
Present Value of Terminal Value 1,203.73

Intrinsic Value

Enterprise Value 1,328.92
Net Debt 322.36
Equity Value 1,006.56
Shares Outstanding 6.60
Equity Value Per Share 152.60