Discounted Cash Flow (DCF) Analysis Unlevered

Atenor SA (ATEB.BR)

47.4 €

+0.20 (+0.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 1,206.09 | 47.4 | 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 220.4399.77107.21131.99174.12177.49180.93184.44188.01191.66
Revenue (%)
EBITDA 36.6048.9955.7444.2464.4266.8168.1169.4370.7772.14
EBITDA (%)
EBIT 36.3348.7855.2143.3863.4366.0867.3668.677071.36
EBIT (%)
Depreciation 0.270.210.530.870.990.730.740.760.770.79
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 48.13110.2149.9068.4692.40100.74102.69104.69106.71108.78
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 443.97459.20608.02775.71932.99835.06851.25867.75884.57901.71
Inventories (%)
Accounts Payable 42.9833.5540.3074.1042.5660.8161.9963.1964.4165.66
Accounts Payable (%)
Capital Expenditure -0.17-0.41-2.19-0.76-0.66-1.23-1.26-1.28-1.31-1.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 47.4
Beta 0.550
Diluted Shares Outstanding 6.03
Cost of Debt
Tax Rate 23.53
After-tax Cost of Debt 1.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.285
Total Debt 834.54
Total Equity 285.79
Total Capital 1,120.33
Debt Weighting 74.49
Equity Weighting 25.51
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 220.4399.77107.21131.99174.12177.49180.93184.44188.01191.66
EBITDA 36.6048.9955.7444.2464.4266.8168.1169.4370.7772.14
EBIT 36.3348.7855.2143.3863.4366.0867.3668.677071.36
Tax Rate 9.63%5.42%12.03%17.12%23.53%13.54%13.54%13.54%13.54%13.54%
EBIAT 32.8346.1348.5635.9548.5057.1358.2459.3760.5261.69
Depreciation 0.270.210.530.870.990.730.740.760.770.79
Accounts Receivable ----------
Inventories --15.23-148.82-167.68-157.2997.93-16.19-16.50-16.82-17.14
Accounts Payable --9.436.7433.80-31.5318.251.181.201.221.25
Capital Expenditure -0.17-0.41-2.19-0.76-0.66-1.23-1.26-1.28-1.31-1.33
UFCF 32.9321.28-95.17-97.82-139.98172.8042.7243.5544.3945.25
WACC
PV UFCF 168.5440.6440.4040.1739.94
SUM PV UFCF 329.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.53
Free cash flow (t + 1) 46.15
Terminal Value 8,708.46
Present Value of Terminal Value 7,685.76

Intrinsic Value

Enterprise Value 8,015.44
Net Debt 743.66
Equity Value 7,271.78
Shares Outstanding 6.03
Equity Value Per Share 1,206.09