Discounted Cash Flow (DCF) Analysis Unlevered
Atento S.A. (ATTO)
$2.8
+0.07 (+2.56%)
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 | 1,921.31 | 1,818.18 | 1,707.29 | 1,412.26 | 1,449.23 | 1,354.55 | 1,266.07 | 1,183.36 | 1,106.06 | 1,033.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 178.31 | 172.81 | 163.78 | 149.11 | 136.63 | 131.02 | 122.46 | 114.46 | 106.99 | 100 |
| EBITDA (%) | ||||||||||
| EBIT | 73.89 | 77.57 | 23 | 28.19 | 3.40 | 31.67 | 29.60 | 27.67 | 25.86 | 24.17 |
| EBIT (%) | ||||||||||
| Depreciation | 104.42 | 95.24 | 140.78 | 120.92 | 133.23 | 99.36 | 92.86 | 86.80 | 81.13 | 75.83 |
| 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 | 142.77 | 134.14 | 125.72 | 210.14 | 129.57 | 124.60 | 116.46 | 108.85 | 101.74 | 95.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 415.56 | 343.99 | 400.37 | 346.96 | 361.56 | 307.53 | 287.44 | 268.66 | 251.11 | 234.71 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 94.08 | 76.91 | 71.68 | 59.42 | 85.27 | 63.44 | 59.29 | 55.42 | 51.80 | 48.42 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -76.86 | -41.17 | -40.07 | -38.18 | -48.11 | -39.65 | -37.06 | -34.64 | -32.37 | -30.26 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.8 |
|---|---|
| Beta | 1.772 |
| Diluted Shares Outstanding | 14.15 |
| Cost of Debt | |
| Tax Rate | -5.04 |
| After-tax Cost of Debt | 12.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.055 |
| Total Debt | 718.28 |
| Total Equity | 39.62 |
| Total Capital | 757.90 |
| Debt Weighting | 94.77 |
| Equity Weighting | 5.23 |
| 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 | 1,921.31 | 1,818.18 | 1,707.29 | 1,412.26 | 1,449.23 | 1,354.55 | 1,266.07 | 1,183.36 | 1,106.06 | 1,033.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 178.31 | 172.81 | 163.78 | 149.11 | 136.63 | 131.02 | 122.46 | 114.46 | 106.99 | 100 |
| EBIT | 73.89 | 77.57 | 23 | 28.19 | 3.40 | 31.67 | 29.60 | 27.67 | 25.86 | 24.17 |
| Tax Rate | -1,522.22% | 45.31% | -82.81% | -11.35% | -5.04% | -315.22% | -315.22% | -315.22% | -315.22% | -315.22% |
| EBIAT | 1,198.63 | 42.42 | 42.04 | 31.39 | 3.57 | 131.49 | 122.90 | 114.87 | 107.37 | 100.36 |
| Depreciation | 104.42 | 95.24 | 140.78 | 120.92 | 133.23 | 99.36 | 92.86 | 86.80 | 81.13 | 75.83 |
| Accounts Receivable | - | 71.57 | -56.38 | 53.41 | -14.60 | 54.03 | 20.09 | 18.78 | 17.55 | 16.40 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -17.17 | -5.24 | -12.26 | 25.86 | -21.84 | -4.14 | -3.87 | -3.62 | -3.38 |
| Capital Expenditure | -76.86 | -41.17 | -40.07 | -38.18 | -48.11 | -39.65 | -37.06 | -34.64 | -32.37 | -30.26 |
| UFCF | 1,226.19 | 150.90 | 81.14 | 155.29 | 99.95 | 223.40 | 194.66 | 181.94 | 170.06 | 158.95 |
| WACC | ||||||||||
| PV UFCF | 198.14 | 153.12 | 126.93 | 105.23 | 87.23 | |||||
| SUM PV UFCF | 670.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 12.75 |
| Free cash flow (t + 1) | 162.13 |
| Terminal Value | 1,508.14 |
| Present Value of Terminal Value | 827.67 |
Intrinsic Value
| Enterprise Value | 1,498.32 |
|---|---|
| Net Debt | 589.46 |
| Equity Value | 908.87 |
| Shares Outstanding | 14.15 |
| Equity Value Per Share | 64.23 |