Discounted Cash Flow (DCF) Analysis Unlevered

Brunel International N.V. (BRNL.AS)

12.56 €

+0.06 (+0.48%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.19 | 12.56 | 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 40.6141.0749.8166.0180.4471.7177.4083.5490.1697.31
EBITDA (%)
EBIT 33.2317.4728.9947.5559.1148.0851.8956.0160.4565.24
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 ----------
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 $ 12.56
Beta 1.215
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 10.279
Total Debt 64.26
Total Equity 634.76
Total Capital 699.02
Debt Weighting 9.19
Equity Weighting 90.81
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 40.6141.0749.8166.0180.4471.7177.4083.5490.1697.31
EBIT 33.2317.4728.9947.5559.1148.0851.8956.0160.4565.24
Tax Rate 36.61%99.19%45.32%33.95%38.13%50.64%50.64%50.64%50.64%50.64%
EBIAT 21.060.1415.8531.4136.5723.7325.6127.6529.8432.20
Depreciation 7.3923.6020.8218.4621.3323.6325.5127.5329.7132.07
Accounts Receivable ----------
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 21.2217.222847.1250.3738.0742.2345.5849.1953.10
WACC
PV UFCF 34.7935.2634.7734.2933.82
SUM PV UFCF 172.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.44
Free cash flow (t + 1) 54.16
Terminal Value 727.93
Present Value of Terminal Value 463.67

Intrinsic Value

Enterprise Value 636.61
Net Debt 20.50
Equity Value 616.11
Shares Outstanding 50.54
Equity Value Per Share 12.19