Discounted Cash Flow (DCF) Analysis Unlevered
Barco NV (BAR.BR)
26.46 €
-0.04 (-0.15%)
All numbers are in Millions, Currency in USD
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 | 1,028.53 | 1,082.57 | 770.08 | 804.29 | 1,058.29 | 1,091.13 | 1,124.99 | 1,159.89 | 1,195.88 | 1,232.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 127.61 | 161.06 | 40.96 | 51.97 | 129.41 | 111.93 | 115.41 | 118.99 | 122.68 | 126.49 |
| EBITDA (%) | ||||||||||
| EBIT | 93.12 | 118.08 | -2.43 | 12.84 | 93.08 | 65.55 | 67.58 | 69.68 | 71.84 | 74.07 |
| EBIT (%) | ||||||||||
| Depreciation | 34.49 | 42.98 | 43.38 | 39.14 | 36.33 | 46.39 | 47.83 | 49.31 | 50.84 | 52.42 |
| 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 | 364.60 | 381.78 | 238.58 | 354.33 | 307.57 | 381.49 | 393.33 | 405.53 | 418.11 | 431.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 162 | 195 | 146 | 157 | 191.13 | 197.07 | 203.18 | 209.48 | 215.98 | 222.69 |
| Account Receivables (%) | ||||||||||
| Inventories | 135.11 | 168.98 | 175.39 | 175.50 | 245.71 | 210.72 | 217.26 | 224 | 230.95 | 238.11 |
| Inventories (%) | ||||||||||
| Accounts Payable | 105.15 | 128.91 | 70.30 | 113.98 | 121.92 | 124.28 | 128.14 | 132.12 | 136.22 | 140.44 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -25.63 | -20.17 | -14.98 | -18.79 | -21.22 | -23.22 | -23.94 | -24.68 | -25.45 | -26.24 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 26.46 |
|---|---|
| Beta | 1.205 |
| Diluted Shares Outstanding | 88.27 |
| Cost of Debt | |
| Tax Rate | 14.99 |
| After-tax Cost of Debt | 3.77% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.070 |
| Total Debt | 43.55 |
| Total Equity | 2,335.50 |
| Total Capital | 2,379.06 |
| Debt Weighting | 1.83 |
| Equity Weighting | 98.17 |
| 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 | 1,028.53 | 1,082.57 | 770.08 | 804.29 | 1,058.29 | 1,091.13 | 1,124.99 | 1,159.89 | 1,195.88 | 1,232.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 127.61 | 161.06 | 40.96 | 51.97 | 129.41 | 111.93 | 115.41 | 118.99 | 122.68 | 126.49 |
| EBIT | 93.12 | 118.08 | -2.43 | 12.84 | 93.08 | 65.55 | 67.58 | 69.68 | 71.84 | 74.07 |
| Tax Rate | 20.00% | 17.66% | 1.35% | 25.01% | 14.99% | 15.80% | 15.80% | 15.80% | 15.80% | 15.80% |
| EBIAT | 74.49 | 97.22 | -2.40 | 9.63 | 79.12 | 55.19 | 56.90 | 58.67 | 60.49 | 62.36 |
| Depreciation | 34.49 | 42.98 | 43.38 | 39.14 | 36.33 | 46.39 | 47.83 | 49.31 | 50.84 | 52.42 |
| Accounts Receivable | - | -33 | 49 | -11 | -34.13 | -5.93 | -6.11 | -6.30 | -6.50 | -6.70 |
| Inventories | - | -33.87 | -6.41 | -0.11 | -70.22 | 35 | -6.54 | -6.74 | -6.95 | -7.17 |
| Accounts Payable | - | 23.77 | -58.61 | 43.68 | 7.94 | 2.36 | 3.86 | 3.98 | 4.10 | 4.23 |
| Capital Expenditure | -25.63 | -20.17 | -14.98 | -18.79 | -21.22 | -23.22 | -23.94 | -24.68 | -25.45 | -26.24 |
| UFCF | 83.36 | 76.93 | 9.99 | 62.55 | -2.18 | 109.78 | 71.99 | 74.22 | 76.53 | 78.90 |
| WACC | ||||||||||
| PV UFCF | 100.75 | 60.63 | 57.36 | 54.27 | 51.35 | |||||
| SUM PV UFCF | 324.36 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.97 |
| Free cash flow (t + 1) | 80.48 |
| Terminal Value | 1,154.64 |
| Present Value of Terminal Value | 751.47 |
Intrinsic Value
| Enterprise Value | 1,075.83 |
|---|---|
| Net Debt | -262.36 |
| Equity Value | 1,338.19 |
| Shares Outstanding | 88.27 |
| Equity Value Per Share | 15.16 |