Discounted Cash Flow (DCF) Analysis Unlevered

Beluga NV (BELU.BR)

2.76 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.27 | 2.76 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 5.775.895.993.64000000
Revenue (%)
EBITDA 0.420.360.712.450.200.030.020.010.010
EBITDA (%)
EBIT -0.02-0.090.332.200.200.030.020.010.010
EBIT (%)
Depreciation 0.440.450.390.25000000
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 1.250.911.864.174.340.570.380.250.170.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.130.130.130.08000000
Inventories (%)
Accounts Payable 0.690.651.110.420.170.020.010.010.010
Accounts Payable (%)
Capital Expenditure -1.13-0.03-0.03-0.25-0-0-0-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.76
Beta 0.018
Diluted Shares Outstanding 1.36
Cost of Debt
Tax Rate -49.46
After-tax Cost of Debt 4.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.777
Total Debt 0.29
Total Equity 3.76
Total Capital 4.05
Debt Weighting 7.21
Equity Weighting 92.79
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 5.775.895.993.64000000
EBITDA 0.420.360.712.450.200.030.020.010.010
EBIT -0.02-0.090.332.200.200.030.020.010.010
Tax Rate 65.71%25.76%-4.87%4.34%-49.46%8.30%8.30%8.30%8.30%8.30%
EBIAT -0.01-0.070.342.110.290.020.020.010.010
Depreciation 0.440.450.390.25000000
Accounts Receivable ----------
Inventories --0-00.050.0800000
Accounts Payable --0.040.46-0.69-0.25-0.14-0.01-0-0-0
Capital Expenditure -1.13-0.03-0.03-0.25-0-0-0-0-0-0
UFCF -0.700.321.161.460.12-0.120.010.0100
WACC
PV UFCF -0.120.01000
SUM PV UFCF -0.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.80
Free cash flow (t + 1) 0
Terminal Value 0.14
Present Value of Terminal Value 0.11

Intrinsic Value

Enterprise Value 0.02
Net Debt -3.08
Equity Value 3.10
Shares Outstanding 1.36
Equity Value Per Share 2.27