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
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 | 914.58 | 1,041.12 | 892.57 | 899.67 | 1,181.82 | 1,275.56 | 1,376.72 | 1,485.92 | 1,603.77 | 1,730.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 39.65 | 44.76 | 47.86 | 64.02 | 68.63 | 68.68 | 74.12 | 80 | 86.35 | 93.20 |
| EBITDA (%) | ||||||||||
| EBIT | 32.27 | 21.16 | 27.04 | 45.56 | 47.30 | 45.05 | 48.62 | 52.47 | 56.64 | 61.13 |
| EBIT (%) | ||||||||||
| Depreciation | 7.39 | 23.60 | 20.82 | 18.46 | 21.33 | 23.63 | 25.51 | 27.53 | 29.71 | 32.07 |
| 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 | 86.02 | 84.63 | 139.90 | 62.86 | 43.76 | 111.99 | 120.87 | 130.45 | 140.80 | 151.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 160.83 | 173.75 | 130.65 | 173.69 | 201.55 | 217.54 | 234.79 | 253.41 | 273.51 | 295.20 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 16.80 | 16.82 | 15.36 | 19.15 | 22.90 | 23.57 | 25.44 | 27.46 | 29.64 | 31.99 |
| 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 | 914.58 | 1,041.12 | 892.57 | 899.67 | 1,181.82 | 1,275.56 | 1,376.72 | 1,485.92 | 1,603.77 | 1,730.96 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 39.65 | 44.76 | 47.86 | 64.02 | 68.63 | 68.68 | 74.12 | 80 | 86.35 | 93.20 |
| EBIT | 32.27 | 21.16 | 27.04 | 45.56 | 47.30 | 45.05 | 48.62 | 52.47 | 56.64 | 61.13 |
| Tax Rate | 36.61% | 76.73% | 45.32% | 33.95% | 38.13% | 46.15% | 46.15% | 46.15% | 46.15% | 46.15% |
| EBIAT | 20.46 | 4.92 | 14.79 | 30.09 | 29.27 | 24.26 | 26.18 | 28.26 | 30.50 | 32.92 |
| Depreciation | 7.39 | 23.60 | 20.82 | 18.46 | 21.33 | 23.63 | 25.51 | 27.53 | 29.71 | 32.07 |
| Accounts Receivable | - | -12.92 | 43.10 | -43.04 | -27.86 | -15.99 | -17.25 | -18.62 | -20.10 | -21.69 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.02 | -1.46 | 3.79 | 3.75 | 0.68 | 1.87 | 2.02 | 2.18 | 2.35 |
| Capital Expenditure | -7.23 | -6.54 | -7.21 | -6.54 | -11.27 | -9.97 | -10.76 | -11.61 | -12.53 | -13.53 |
| UFCF | 20.61 | 9.08 | 70.04 | 2.76 | 15.21 | 22.61 | 25.55 | 27.57 | 29.76 | 32.12 |
| WACC | ||||||||||
| PV UFCF | 20.81 | 21.64 | 21.50 | 21.36 | 21.22 | |||||
| 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 |