Discounted Cash Flow (DCF) Analysis Unlevered

Barco NV (BAR.BR)

22.88 €

+0.12 (+0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.20 | 22.88 | overvalue

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 1,084.711,028.531,082.57770.08804.29755.33709.35666.17625.62587.54
Revenue (%)
EBITDA 72.66127.61161.0640.9651.9769.1364.9260.9757.2653.78
EBITDA (%)
EBIT 38.7893.12118.08-2.4312.8437.4935.2133.0631.0529.16
EBIT (%)
Depreciation 33.8834.4942.9843.3839.1431.6429.7227.9126.2124.61
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 254.13364.60381.78238.58354.33255.57240.02225.41211.69198.80
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 132.75135.11168.98175.39175.50129.28121.41114.02107.08100.56
Inventories (%)
Accounts Payable 102.94105.15128.9170.30113.9882.9777.9273.1768.7264.54
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 1,084.711,028.531,082.57770.08804.29755.33709.35666.17625.62587.54
EBITDA 72.66127.61161.0640.9651.9769.1364.9260.9757.2653.78
EBIT 38.7893.12118.08-2.4312.8437.4935.2133.0631.0529.16
Tax Rate 42.18%20.00%17.66%1.35%25.01%21.24%21.24%21.24%21.24%21.24%
EBIAT 22.4374.4997.22-2.409.6329.5327.7326.0424.4622.97
Depreciation 33.8834.4942.9843.3839.1431.6429.7227.9126.2124.61
Accounts Receivable ----------
Inventories --2.36-33.87-6.41-0.1146.217.877.396.946.52
Accounts Payable -2.2023.77-58.6143.68-31.01-5.05-4.74-4.45-4.18
Capital Expenditure -23.16-25.63-20.17-14.98-18.79-16.27-15.28-14.35-13.48-12.66
UFCF 33.1483.21109.93-39.0173.5560.1044.9942.2539.6837.26
WACC
PV UFCF 54.9537.6032.2827.7223.80
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