Discounted Cash Flow (DCF) Analysis Unlevered

Barco NV (BAR.BR)

26.46 €

-0.04 (-0.15%)
All numbers are in Millions, Currency in USD
Stock DCF: 15.16 | 26.46 | overvalue

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 1,028.531,082.57770.08804.291,058.291,091.131,124.991,159.891,195.881,232.99
Revenue (%)
EBITDA 127.61161.0640.9651.97129.41111.93115.41118.99122.68126.49
EBITDA (%)
EBIT 93.12118.08-2.4312.8493.0865.5567.5869.6871.8474.07
EBIT (%)
Depreciation 34.4942.9843.3839.1436.3346.3947.8349.3150.8452.42
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 364.60381.78238.58354.33307.57381.49393.33405.53418.11431.09
Total Cash (%)
Account Receivables 162195146157191.13197.07203.18209.48215.98222.69
Account Receivables (%)
Inventories 135.11168.98175.39175.50245.71210.72217.26224230.95238.11
Inventories (%)
Accounts Payable 105.15128.9170.30113.98121.92124.28128.14132.12136.22140.44
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 1,028.531,082.57770.08804.291,058.291,091.131,124.991,159.891,195.881,232.99
EBITDA 127.61161.0640.9651.97129.41111.93115.41118.99122.68126.49
EBIT 93.12118.08-2.4312.8493.0865.5567.5869.6871.8474.07
Tax Rate 20.00%17.66%1.35%25.01%14.99%15.80%15.80%15.80%15.80%15.80%
EBIAT 74.4997.22-2.409.6379.1255.1956.9058.6760.4962.36
Depreciation 34.4942.9843.3839.1436.3346.3947.8349.3150.8452.42
Accounts Receivable --3349-11-34.13-5.93-6.11-6.30-6.50-6.70
Inventories --33.87-6.41-0.11-70.2235-6.54-6.74-6.95-7.17
Accounts Payable -23.77-58.6143.687.942.363.863.984.104.23
Capital Expenditure -25.63-20.17-14.98-18.79-21.22-23.22-23.94-24.68-25.45-26.24
UFCF 83.3676.939.9962.55-2.18109.7871.9974.2276.5378.90
WACC
PV UFCF 100.7560.6357.3654.2751.35
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