Discounted Cash Flow (DCF) Analysis Unlevered

Beluga NV (BELU.BR)

2.4 €

-0.10 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.65 | 2.4 | 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 5.715.895.993.64-0-0-0-0-0-0
Revenue (%)
EBITDA 0.380.330.700.29-0.31-0.04-0.03-0.02-0.01-0.01
EBITDA (%)
EBIT -0.06-0.120.320.04-0.31-0.04-0.03-0.02-0.01-0.01
EBIT (%)
Depreciation 0.440.450.390.25-0-0-0-0-0-0
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 1.250.911.864.174.340.570.380.250.170.11
Total Cash (%)
Account Receivables 0.500.971.280.57-0-0-0-0-0-0
Account Receivables (%)
Inventories 0.130.130.130.08-0-0-0-0-0-0
Inventories (%)
Accounts Payable 0.640.651.110.420.170.020.010.010.010
Accounts Payable (%)
Capital Expenditure -1.13-0.03-0.03-0.25000000
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 5.715.895.993.64-0-0-0-0-0-0
EBITDA 0.380.330.700.29-0.31-0.04-0.03-0.02-0.01-0.01
EBIT -0.06-0.120.320.04-0.31-0.04-0.03-0.02-0.01-0.01
Tax Rate 65.71%25.76%-4.87%4.34%-49.46%8.30%8.30%8.30%8.30%8.30%
EBIAT -0.02-0.090.330.04-0.47-0.04-0.03-0.02-0.01-0.01
Depreciation 0.440.450.390.25-0-0-0-0-0-0
Accounts Receivable --0.47-0.310.720.57-0-0-0-0-0
Inventories --0-00.050.08-0-0-0-0-0
Accounts Payable -0.010.46-0.69-0.25-0.14-0.01-0-0-0
Capital Expenditure -1.13-0.03-0.03-0.25000000
UFCF -0.71-0.130.850.11-0.07-0.18-0.03-0.02-0.01-0.01
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