Discounted Cash Flow (DCF) Analysis Unlevered

NV Bekaert SA (BEKB.BR)

35.14 €

+0.84 (+2.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 82.09 | 35.14 | undervalue

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 4,098.254,305.274,322.453,772.374,839.665,093.945,361.595,643.305,939.806,251.89
Revenue (%)
EBITDA 538.80404.40390.65460.16750.53603.97635.71669.11704.27741.27
EBITDA (%)
EBIT 343.85186.22161.58250.75584.75358.44377.28397.10417.96439.92
EBIT (%)
Depreciation 194.95218.17229.07209.40165.77245.53258.43272.01286.30301.35
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 469.18448.31616.21990.49757.33794.88836.65880.61926.88975.58
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 779.58931.81783.03683.481,121.221,019.471,073.031,129.411,188.751,251.21
Inventories (%)
Accounts Payable 665.20778.44652.38668.421,062.19907.45955.131,005.311,058.141,113.73
Accounts Payable (%)
Capital Expenditure -276.52-185-111.99-107.69-156.61-200.96-211.52-222.64-234.33-246.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 35.14
Beta 1.621
Diluted Shares Outstanding 64.13
Cost of Debt
Tax Rate 14.55
After-tax Cost of Debt 3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.217
Total Debt 1,191.32
Total Equity 2,253.66
Total Capital 3,444.98
Debt Weighting 34.58
Equity Weighting 65.42
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 4,098.254,305.274,322.453,772.374,839.665,093.945,361.595,643.305,939.806,251.89
EBITDA 538.80404.40390.65460.16750.53603.97635.71669.11704.27741.27
EBIT 343.85186.22161.58250.75584.75358.44377.28397.10417.96439.92
Tax Rate 17.87%-9.32%41.23%20.86%14.55%17.04%17.04%17.04%17.04%17.04%
EBIAT 282.39203.5894.96198.44499.65297.37312.99329.43346.74364.96
Depreciation 194.95218.17229.07209.40165.77245.53258.43272.01286.30301.35
Accounts Receivable ----------
Inventories --152.23148.7899.55-437.74101.75-53.56-56.38-59.34-62.46
Accounts Payable -113.24-126.0516.04393.76-154.7347.6850.1852.8255.60
Capital Expenditure -276.52-185-111.99-107.69-156.60-200.96-211.52-222.64-234.33-246.65
UFCF 200.83197.76234.76415.74464.84288.95354.01372.61392.19412.80
WACC
PV UFCF 266.46301.05292.21283.62275.29
SUM PV UFCF 1,418.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.44
Free cash flow (t + 1) 421.05
Terminal Value 6,538.10
Present Value of Terminal Value 4,360.18

Intrinsic Value

Enterprise Value 5,778.81
Net Debt 514.05
Equity Value 5,264.76
Shares Outstanding 64.13
Equity Value Per Share 82.09