Discounted Cash Flow (DCF) Analysis Unlevered
Atrium European Real Estate Ltd (ATRS.AS)
3 €
+0.02 (+0.67%)
All numbers are in Millions, Currency in USD
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 | 134.62 | 135.54 | 127.09 | -115.88 | 145.11 | -7.97 | 0.44 | -0.02 | 0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 146.52 | 127.31 | 141.73 | -100.88 | 151.31 | -8.06 | 0.44 | -0.02 | 0 | -0 |
| EBITDA (%) | ||||||||||
| EBIT | 138.91 | 125.02 | 138.75 | -104.33 | 147.66 | -7.91 | 0.43 | -0.02 | 0 | -0 |
| EBIT (%) | ||||||||||
| Depreciation | 7.61 | 2.29 | 2.98 | 3.45 | 3.64 | -0.15 | 0.01 | -0 | 0 | -0 |
| 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 | 71.92 | 38.49 | 126.85 | 55.22 | 500.38 | -7.63 | 0.42 | -0.02 | 0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 13.02 | 16.50 | 19.32 | 24.37 | 22 | -0.50 | 0.03 | -0 | 0 | -0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.42 | 3.23 | 2.15 | 4.08 | 4.53 | -0.09 | 0 | -0 | 0 | -0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 396.97 |
| Cost of Debt | |
| Tax Rate | 16.57 |
| After-tax Cost of Debt | 2.82% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.702 |
| Total Debt | 1,277.97 |
| Total Equity | 1,190.91 |
| Total Capital | 2,468.88 |
| Debt Weighting | 51.76 |
| Equity Weighting | 48.24 |
| 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 | 134.62 | 135.54 | 127.09 | -115.88 | 145.11 | -7.97 | 0.44 | -0.02 | 0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 146.52 | 127.31 | 141.73 | -100.88 | 151.31 | -8.06 | 0.44 | -0.02 | 0 | -0 |
| EBIT | 138.91 | 125.02 | 138.75 | -104.33 | 147.66 | -7.91 | 0.43 | -0.02 | 0 | -0 |
| Tax Rate | 11.08% | 30.83% | 12.37% | 1.66% | 16.57% | 14.50% | 14.50% | 14.50% | 14.50% | 14.50% |
| EBIAT | 123.52 | 86.47 | 121.58 | -102.59 | 123.20 | -6.76 | 0.37 | -0.02 | 0 | -0 |
| Depreciation | 7.61 | 2.29 | 2.98 | 3.45 | 3.64 | -0.15 | 0.01 | -0 | 0 | -0 |
| Accounts Receivable | - | -3.48 | -2.82 | -5.05 | 2.37 | 22.50 | -0.52 | 0.03 | -0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.81 | -1.08 | 1.93 | 0.45 | -4.62 | 0.09 | -0.01 | 0 | -0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 10.97 | -0.05 | 0 | -0 | 0 |
| WACC | ||||||||||
| PV UFCF | 10.63 | -0.05 | 0 | -0 | 0 | |||||
| SUM PV UFCF | 10.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.25 |
| Free cash flow (t + 1) | 0 |
| Terminal Value | 0 |
| Present Value of Terminal Value | 0 |
Intrinsic Value
| Enterprise Value | 10.58 |
|---|---|
| Net Debt | 777.60 |
| Equity Value | -767.02 |
| Shares Outstanding | 396.97 |
| Equity Value Per Share | -1.93 |