Discounted Cash Flow (DCF) Analysis Unlevered

Bioceres Crop Solutions Corp. (BIOX)

$12.12

+0.23 (+1.93%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,728.13 | 12.12 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 133.49160.31172.35206.70239.45277.38321.33372.24431.21
Revenue (%)
EBITDA -2.0417.7229.6932.6725.4829.5134.1939.6045.88
EBITDA (%)
EBIT -6.4112.8924.9626.4018.2621.1524.5028.3832.88
EBIT (%)
Depreciation 4.374.834.736.267.228.369.6911.2213
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2.233.8151.5746.7833.8839.2545.4752.6761.01
Total Cash (%)
Account Receivables 58.6961.9977.9799.15105.26121.94141.26163.64189.56
Account Receivables (%)
Inventories 19.3727.5930.3063.3547.8655.4464.2374.4086.19
Inventories (%)
Accounts Payable 25.7236.8653.7669.2564.0274.1785.9299.53115.30
Accounts Payable (%)
Capital Expenditure -5.71-3.45-4.50-13.92-9.44-10.94-12.67-14.68-17.01
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.12
Beta 0.522
Diluted Shares Outstanding 39.22
Cost of Debt
Tax Rate 165.24
After-tax Cost of Debt -7.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.351
Total Debt 174.58
Total Equity 475.33
Total Capital 649.91
Debt Weighting 26.86
Equity Weighting 73.14
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 133.49160.31172.35206.70239.45277.38321.33372.24431.21
EBITDA -2.0417.7229.6932.6725.4829.5134.1939.6045.88
EBIT -6.4112.8924.9626.4018.2621.1524.5028.3832.88
Tax Rate 56.26%-95.99%47.87%165.24%43.35%43.35%43.35%43.35%43.35%
EBIAT -2.8025.2613.01-17.2310.3411.9813.8816.0818.63
Depreciation 4.374.834.736.267.228.369.6911.2213
Accounts Receivable --3.29-15.98-21.18-6.11-16.68-19.32-22.38-25.93
Inventories --8.23-2.71-33.0515.49-7.58-8.78-10.18-11.79
Accounts Payable -11.1516.9015.49-5.2310.1411.7513.6115.77
Capital Expenditure -5.71-3.45-4.50-13.92-9.44-10.94-12.67-14.68-17.01
UFCF -4.1426.2611.44-63.6212.27-4.71-5.46-6.32-7.32
WACC
PV UFCF 12.27-4.62-5.24-5.96-6.76
SUM PV UFCF -10.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.01
Free cash flow (t + 1) -7.47
Terminal Value -74,701.49
Present Value of Terminal Value -67,626.29

Intrinsic Value

Enterprise Value -67,636.40
Net Debt 138.53
Equity Value -67,774.93
Shares Outstanding 39.22
Equity Value Per Share -1,728.13