Discounted Cash Flow (DCF) Analysis Unlevered
Beluga NV (BELU.BR)
2.76 €
0.00 (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 | 5.77 | 5.89 | 5.99 | 3.64 | 0 | 0 | 0 | 0 | 0 | 0 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 0.42 | 0.36 | 0.71 | 2.45 | 0.20 | 0.03 | 0.02 | 0.01 | 0.01 | 0 |
EBITDA (%) | ||||||||||
EBIT | -0.02 | -0.09 | 0.33 | 2.20 | 0.20 | 0.03 | 0.02 | 0.01 | 0.01 | 0 |
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 | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 0.13 | 0.13 | 0.13 | 0.08 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventories (%) | ||||||||||
Accounts Payable | 0.69 | 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 | $ 2.76 |
---|---|
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 | 5.77 | 5.89 | 5.99 | 3.64 | 0 | 0 | 0 | 0 | 0 | 0 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 0.42 | 0.36 | 0.71 | 2.45 | 0.20 | 0.03 | 0.02 | 0.01 | 0.01 | 0 |
EBIT | -0.02 | -0.09 | 0.33 | 2.20 | 0.20 | 0.03 | 0.02 | 0.01 | 0.01 | 0 |
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 | -0.07 | 0.34 | 2.11 | 0.29 | 0.02 | 0.02 | 0.01 | 0.01 | 0 |
Depreciation | 0.44 | 0.45 | 0.39 | 0.25 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | -0 | -0 | 0.05 | 0.08 | 0 | 0 | 0 | 0 | 0 |
Accounts Payable | - | -0.04 | 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 | -0.70 | 0.32 | 1.16 | 1.46 | 0.12 | -0.12 | 0.01 | 0.01 | 0 | 0 |
WACC | ||||||||||
PV UFCF | -0.12 | 0.01 | 0 | 0 | 0 | |||||
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 |