Discounted Cash Flow (DCF) Analysis Unlevered

Brunel International N.V. (BRNL.AS)

12.28 €

+0.20 (+1.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.15 | 12.28 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 914.581,041.12892.57899.671,181.821,275.561,376.721,485.921,603.771,730.96
Revenue (%)
EBITDA 39.6544.7647.8664.0268.6368.6874.128086.3593.20
EBITDA (%)
EBIT 32.2721.1627.0445.5647.3045.0548.6252.4756.6461.13
EBIT (%)
Depreciation 7.3923.6020.8218.4621.3323.6325.5127.5329.7132.07
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 86.0284.63139.9062.8643.76111.99120.87130.45140.80151.97
Total Cash (%)
Account Receivables 160.83173.75130.65173.69201.55217.54234.79253.41273.51295.20
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 16.8016.8215.3619.1522.9023.5725.4427.4629.6431.99
Accounts Payable (%)
Capital Expenditure -7.23-6.55-7.21-6.54-11.27-9.97-10.76-11.61-12.53-13.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.28
Beta 1.213
Diluted Shares Outstanding 50.54
Cost of Debt
Tax Rate 38.13
After-tax Cost of Debt 1.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.417
Total Debt 64.26
Total Equity 620.61
Total Capital 684.87
Debt Weighting 9.38
Equity Weighting 90.62
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 914.581,041.12892.57899.671,181.821,275.561,376.721,485.921,603.771,730.96
EBITDA 39.6544.7647.8664.0268.6368.6874.128086.3593.20
EBIT 32.2721.1627.0445.5647.3045.0548.6252.4756.6461.13
Tax Rate 36.61%76.73%45.32%33.95%38.13%46.15%46.15%46.15%46.15%46.15%
EBIAT 20.464.9214.7930.0929.2724.2626.1828.2630.5032.92
Depreciation 7.3923.6020.8218.4621.3323.6325.5127.5329.7132.07
Accounts Receivable --12.9243.10-43.04-27.86-15.99-17.25-18.62-20.10-21.69
Inventories ----------
Accounts Payable -0.02-1.463.793.750.681.872.022.182.35
Capital Expenditure -7.23-6.54-7.21-6.54-11.27-9.97-10.76-11.61-12.53-13.53
UFCF 20.619.0870.042.7615.2122.6125.5527.5729.7632.12
WACC
PV UFCF 20.8121.6421.5021.3621.22
SUM PV UFCF 106.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.64
Free cash flow (t + 1) 32.76
Terminal Value 493.38
Present Value of Terminal Value 326.01

Intrinsic Value

Enterprise Value 432.56
Net Debt 20.50
Equity Value 412.06
Shares Outstanding 50.54
Equity Value Per Share 8.15