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
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 133.49 | 160.31 | 172.35 | 206.70 | 239.45 | 277.38 | 321.33 | 372.24 | 431.21 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| EBITDA | -2.04 | 17.72 | 29.69 | 32.67 | 25.48 | 29.51 | 34.19 | 39.60 | 45.88 |
| EBITDA (%) | |||||||||
| EBIT | -6.41 | 12.89 | 24.96 | 26.40 | 18.26 | 21.15 | 24.50 | 28.38 | 32.88 |
| EBIT (%) | |||||||||
| Depreciation | 4.37 | 4.83 | 4.73 | 6.26 | 7.22 | 8.36 | 9.69 | 11.22 | 13 |
| 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 | 2.23 | 3.81 | 51.57 | 46.78 | 33.88 | 39.25 | 45.47 | 52.67 | 61.01 |
|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||
| Account Receivables | 58.69 | 61.99 | 77.97 | 99.15 | 105.26 | 121.94 | 141.26 | 163.64 | 189.56 |
| Account Receivables (%) | |||||||||
| Inventories | 19.37 | 27.59 | 30.30 | 63.35 | 47.86 | 55.44 | 64.23 | 74.40 | 86.19 |
| Inventories (%) | |||||||||
| Accounts Payable | 25.72 | 36.86 | 53.76 | 69.25 | 64.02 | 74.17 | 85.92 | 99.53 | 115.30 |
| 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 | 133.49 | 160.31 | 172.35 | 206.70 | 239.45 | 277.38 | 321.33 | 372.24 | 431.21 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.04 | 17.72 | 29.69 | 32.67 | 25.48 | 29.51 | 34.19 | 39.60 | 45.88 |
| EBIT | -6.41 | 12.89 | 24.96 | 26.40 | 18.26 | 21.15 | 24.50 | 28.38 | 32.88 |
| Tax Rate | 56.26% | -95.99% | 47.87% | 165.24% | 43.35% | 43.35% | 43.35% | 43.35% | 43.35% |
| EBIAT | -2.80 | 25.26 | 13.01 | -17.23 | 10.34 | 11.98 | 13.88 | 16.08 | 18.63 |
| Depreciation | 4.37 | 4.83 | 4.73 | 6.26 | 7.22 | 8.36 | 9.69 | 11.22 | 13 |
| Accounts Receivable | - | -3.29 | -15.98 | -21.18 | -6.11 | -16.68 | -19.32 | -22.38 | -25.93 |
| Inventories | - | -8.23 | -2.71 | -33.05 | 15.49 | -7.58 | -8.78 | -10.18 | -11.79 |
| Accounts Payable | - | 11.15 | 16.90 | 15.49 | -5.23 | 10.14 | 11.75 | 13.61 | 15.77 |
| Capital Expenditure | -5.71 | -3.45 | -4.50 | -13.92 | -9.44 | -10.94 | -12.67 | -14.68 | -17.01 |
| UFCF | -4.14 | 26.26 | 11.44 | -63.62 | 12.27 | -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 |