Discounted Cash Flow (DCF) Analysis Unlevered

Campine NV (CAMB.BR)

43 €

-0.60 (-1.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.24 | 43 | 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 216.50210.26192.53166.95226.32232.52238.89245.43252.16259.07
Revenue (%)
EBITDA 14.2511.3913.267.1822.6515.4415.8616.2916.7417.20
EBITDA (%)
EBIT 11.568.6310.033.9318.3111.6711.9912.3212.6613
EBIT (%)
Depreciation 2.692.763.233.254.343.773.873.974.084.20
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 0.150.122.680.190.150.790.810.840.860.88
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 28.2327.7425.9426.3445.4035.1336.0937.0838.1039.14
Inventories (%)
Accounts Payable 17.7313.2111.7712.9224.2518.1518.6519.1619.6920.23
Accounts Payable (%)
Capital Expenditure -3.23-5.83-5.57-8.60-8.38-7.45-7.65-7.86-8.07-8.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 43
Beta 0.599
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 24.79
After-tax Cost of Debt 2.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.331
Total Debt 12.32
Total Equity 3,434.30
Total Capital 3,446.62
Debt Weighting 0.36
Equity Weighting 99.64
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 216.50210.26192.53166.95226.32232.52238.89245.43252.16259.07
EBITDA 14.2511.3913.267.1822.6515.4415.8616.2916.7417.20
EBIT 11.568.6310.033.9318.3111.6711.9912.3212.6613
Tax Rate 35.63%28.51%17.23%24.10%24.79%26.05%26.05%26.05%26.05%26.05%
EBIAT 7.446.178.302.9813.778.638.879.119.369.62
Depreciation 2.692.763.233.254.343.773.873.974.084.20
Accounts Receivable ----------
Inventories -0.491.80-0.40-19.0610.27-0.96-0.99-1.02-1.04
Accounts Payable --4.52-1.441.1611.33-6.100.500.510.520.54
Capital Expenditure -3.23-5.83-5.57-8.60-8.38-7.45-7.65-7.86-8.07-8.30
UFCF 6.90-0.946.32-1.6129.124.624.754.885.01
WACC
PV UFCF 8.584.093.953.823.69
SUM PV UFCF 24.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.32
Free cash flow (t + 1) 5.11
Terminal Value 118.33
Present Value of Terminal Value 87.10

Intrinsic Value

Enterprise Value 111.22
Net Debt 12.17
Equity Value 99.06
Shares Outstanding 79.87
Equity Value Per Share 1.24