Discounted Cash Flow (DCF) Analysis Unlevered

Brunel International N.V. (BRNL.AS)

8.41 €

-0.16 (-1.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.64 | 8.41 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 790.09914.581,041.12892.57899.67935.92973.641,012.871,053.691,096.15
Revenue (%)
EBITDA 22.5239.6544.7647.8664.0244.8646.6648.5450.5052.54
EBITDA (%)
EBIT 14.5332.2721.1627.0545.562930.1731.3932.6533.97
EBIT (%)
Depreciation 7.997.3923.6020.8218.4615.8616.4917.1617.8518.57
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 106.9786.0284.63139.9062.86100.58104.63108.85113.24117.80
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 18.9416.8016.8215.3619.1518.1618.8919.6520.4421.27
Accounts Payable (%)
Capital Expenditure -5.83-7.23-6.55-7.21-6.54-6.91-7.19-7.48-7.78-8.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.41
Beta 1.341
Diluted Shares Outstanding 50.49
Cost of Debt
Tax Rate 33.95
After-tax Cost of Debt 0.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.026
Total Debt 42.14
Total Equity 424.60
Total Capital 466.75
Debt Weighting 9.03
Equity Weighting 90.97
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 790.09914.581,041.12892.57899.67935.92973.641,012.871,053.691,096.15
EBITDA 22.5239.6544.7647.8664.0244.8646.6648.5450.5052.54
EBIT 14.5332.2721.1627.0545.562930.1731.3932.6533.97
Tax Rate 47.58%36.61%76.73%45.32%33.95%48.04%48.04%48.04%48.04%48.04%
EBIAT 7.6220.464.9214.7930.0915.0715.6816.3116.9717.65
Depreciation 7.997.3923.6020.8218.4615.8616.4917.1617.8518.57
Accounts Receivable ----------
Inventories ----------
Accounts Payable --2.130.02-1.463.79-0.990.730.760.790.82
Capital Expenditure -5.83-7.23-6.54-7.21-6.54-6.91-7.19-7.48-7.78-8.09
UFCF 9.7818.482226.9445.8023.0225.7126.7527.8328.95
WACC
PV UFCF 21.0821.5620.5419.5618.64
SUM PV UFCF 101.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.21
Free cash flow (t + 1) 29.53
Terminal Value 409.55
Present Value of Terminal Value 263.63

Intrinsic Value

Enterprise Value 365.01
Net Debt -20.71
Equity Value 385.72
Shares Outstanding 50.49
Equity Value Per Share 7.64