Discounted Cash Flow (DCF) Analysis Unlevered
Barco NV (BAR.BR)
22.88 €
+0.12 (+0.53%)
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 | 1,084.71 | 1,028.53 | 1,082.57 | 770.08 | 804.29 | 755.33 | 709.35 | 666.17 | 625.62 | 587.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 72.66 | 127.61 | 161.06 | 40.96 | 51.97 | 69.13 | 64.92 | 60.97 | 57.26 | 53.78 |
| EBITDA (%) | ||||||||||
| EBIT | 38.78 | 93.12 | 118.08 | -2.43 | 12.84 | 37.49 | 35.21 | 33.06 | 31.05 | 29.16 |
| EBIT (%) | ||||||||||
| Depreciation | 33.88 | 34.49 | 42.98 | 43.38 | 39.14 | 31.64 | 29.72 | 27.91 | 26.21 | 24.61 |
| 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 | 254.13 | 364.60 | 381.78 | 238.58 | 354.33 | 255.57 | 240.02 | 225.41 | 211.69 | 198.80 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 132.75 | 135.11 | 168.98 | 175.39 | 175.50 | 129.28 | 121.41 | 114.02 | 107.08 | 100.56 |
| Inventories (%) | ||||||||||
| Accounts Payable | 102.94 | 105.15 | 128.91 | 70.30 | 113.98 | 82.97 | 77.92 | 73.17 | 68.72 | 64.54 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -23.16 | -25.63 | -20.17 | -14.98 | -18.79 | -16.27 | -15.28 | -14.35 | -13.48 | -12.66 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 22.88 |
|---|---|
| Beta | 1.271 |
| Diluted Shares Outstanding | 88.27 |
| Cost of Debt | |
| Tax Rate | 25.01 |
| After-tax Cost of Debt | 3.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.519 |
| Total Debt | 44.58 |
| Total Equity | 2,019.51 |
| Total Capital | 2,064.10 |
| Debt Weighting | 2.16 |
| Equity Weighting | 97.84 |
| 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 | 1,084.71 | 1,028.53 | 1,082.57 | 770.08 | 804.29 | 755.33 | 709.35 | 666.17 | 625.62 | 587.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 72.66 | 127.61 | 161.06 | 40.96 | 51.97 | 69.13 | 64.92 | 60.97 | 57.26 | 53.78 |
| EBIT | 38.78 | 93.12 | 118.08 | -2.43 | 12.84 | 37.49 | 35.21 | 33.06 | 31.05 | 29.16 |
| Tax Rate | 42.18% | 20.00% | 17.66% | 1.35% | 25.01% | 21.24% | 21.24% | 21.24% | 21.24% | 21.24% |
| EBIAT | 22.43 | 74.49 | 97.22 | -2.40 | 9.63 | 29.53 | 27.73 | 26.04 | 24.46 | 22.97 |
| Depreciation | 33.88 | 34.49 | 42.98 | 43.38 | 39.14 | 31.64 | 29.72 | 27.91 | 26.21 | 24.61 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -2.36 | -33.87 | -6.41 | -0.11 | 46.21 | 7.87 | 7.39 | 6.94 | 6.52 |
| Accounts Payable | - | 2.20 | 23.77 | -58.61 | 43.68 | -31.01 | -5.05 | -4.74 | -4.45 | -4.18 |
| Capital Expenditure | -23.16 | -25.63 | -20.17 | -14.98 | -18.79 | -16.27 | -15.28 | -14.35 | -13.48 | -12.66 |
| UFCF | 33.14 | 83.21 | 109.93 | -39.01 | 73.55 | 60.10 | 44.99 | 42.25 | 39.68 | 37.26 |
| WACC | ||||||||||
| PV UFCF | 54.95 | 37.60 | 32.28 | 27.72 | 23.80 | |||||
| SUM PV UFCF | 176.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.38 |
| Free cash flow (t + 1) | 38.01 |
| Terminal Value | 514.98 |
| Present Value of Terminal Value | 328.93 |
Intrinsic Value
| Enterprise Value | 505.27 |
|---|---|
| Net Debt | -306.99 |
| Equity Value | 812.26 |
| Shares Outstanding | 88.27 |
| Equity Value Per Share | 9.20 |