Discounted Cash Flow (DCF) Analysis Unlevered
Beluga NV (BELU.BR)
2.4 €
-0.10 (0.00%)
All numbers are in Millions, Currency in USD
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 | 5.71 | 5.89 | 5.99 | 3.64 | -0 | -0 | -0 | -0 | -0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.38 | 0.33 | 0.70 | 0.29 | -0.31 | -0.04 | -0.03 | -0.02 | -0.01 | -0.01 |
| EBITDA (%) | ||||||||||
| EBIT | -0.06 | -0.12 | 0.32 | 0.04 | -0.31 | -0.04 | -0.03 | -0.02 | -0.01 | -0.01 |
| EBIT (%) | ||||||||||
| Depreciation | 0.44 | 0.45 | 0.39 | 0.25 | -0 | -0 | -0 | -0 | -0 | -0 |
| 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 | 1.25 | 0.91 | 1.86 | 4.17 | 4.34 | 0.57 | 0.38 | 0.25 | 0.17 | 0.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.50 | 0.97 | 1.28 | 0.57 | -0 | -0 | -0 | -0 | -0 | -0 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.13 | 0.13 | 0.13 | 0.08 | -0 | -0 | -0 | -0 | -0 | -0 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.64 | 0.65 | 1.11 | 0.42 | 0.17 | 0.02 | 0.01 | 0.01 | 0.01 | 0 |
| 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 | $ 2.4 |
|---|---|
| Beta | -0.272 |
| 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 | 3.343 |
| Total Debt | 0.29 |
| Total Equity | 3.27 |
| Total Capital | 3.56 |
| Debt Weighting | 8.20 |
| Equity Weighting | 91.80 |
| 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 | 5.71 | 5.89 | 5.99 | 3.64 | -0 | -0 | -0 | -0 | -0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.38 | 0.33 | 0.70 | 0.29 | -0.31 | -0.04 | -0.03 | -0.02 | -0.01 | -0.01 |
| EBIT | -0.06 | -0.12 | 0.32 | 0.04 | -0.31 | -0.04 | -0.03 | -0.02 | -0.01 | -0.01 |
| Tax Rate | 65.71% | 25.76% | -4.87% | 4.34% | -49.46% | 8.30% | 8.30% | 8.30% | 8.30% | 8.30% |
| EBIAT | -0.02 | -0.09 | 0.33 | 0.04 | -0.47 | -0.04 | -0.03 | -0.02 | -0.01 | -0.01 |
| Depreciation | 0.44 | 0.45 | 0.39 | 0.25 | -0 | -0 | -0 | -0 | -0 | -0 |
| Accounts Receivable | - | -0.47 | -0.31 | 0.72 | 0.57 | -0 | -0 | -0 | -0 | -0 |
| Inventories | - | -0 | -0 | 0.05 | 0.08 | -0 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | 0.01 | 0.46 | -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 | -0.71 | -0.13 | 0.85 | 0.11 | -0.07 | -0.18 | -0.03 | -0.02 | -0.01 | -0.01 |
| WACC | ||||||||||
| PV UFCF | -0.18 | -0.03 | -0.02 | -0.01 | -0.01 | |||||
| SUM PV UFCF | -0.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.41 |
| Free cash flow (t + 1) | -0.01 |
| Terminal Value | -0.69 |
| Present Value of Terminal Value | -0.58 |
Intrinsic Value
| Enterprise Value | -0.83 |
|---|---|
| Net Debt | -3.08 |
| Equity Value | 2.25 |
| Shares Outstanding | 1.36 |
| Equity Value Per Share | 1.65 |