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 |