Discounted Cash Flow (DCF) Analysis Unlevered

Cardtronics plc (CATM)

$39.01

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.11 | 39.01 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,265.361,507.601,345.241,349.401,0941,065.981,038.681,012.08986.17960.91
Revenue (%)
EBITDA 259.7560.30228.67271.34221.78174.62170.15165.79161.55157.41
EBITDA (%)
EBIT 131.97-119.6149.5691.4056.6938.6737.6736.7135.7734.85
EBIT (%)
Depreciation 127.78179.90179.11179.94165.08135.95132.47129.08125.78122.55
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 73.5351.3739.9430.11174.2464.7063.0461.4359.8558.32
Total Cash (%)
Account Receivables 84.16105.2575.6495.8089.8773.7071.8169.9768.1866.43
Account Receivables (%)
Inventories 12.5314.2811.3910.626.608.908.678.458.238.02
Inventories (%)
Accounts Payable 44.9744.2439.3146.4839.9035.1834.2833.4032.5531.71
Accounts Payable (%)
Capital Expenditure -125.88-144.14-107.20-124.91-91.14-96.08-93.62-91.22-88.88-86.61
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.01
Beta 1.868
Diluted Shares Outstanding 45.61
Cost of Debt
Tax Rate 2.27
After-tax Cost of Debt 4.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.508
Total Debt 778.18
Total Equity 1,779.24
Total Capital 2,557.41
Debt Weighting 30.43
Equity Weighting 69.57
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,265.361,507.601,345.241,349.401,0941,065.981,038.681,012.08986.17960.91
EBITDA 259.7560.30228.67271.34221.78174.62170.15165.79161.55157.41
EBIT 131.97-119.6149.5691.4056.6938.6737.6736.7135.7734.85
Tax Rate 23.17%6.01%73.95%25.49%2.27%26.18%26.18%26.18%26.18%26.18%
EBIAT 101.39-112.4212.9168.1055.4128.5427.8127.1026.4125.73
Depreciation 127.78179.90179.11179.94165.08135.95132.47129.08125.78122.55
Accounts Receivable --21.0929.60-20.155.9316.171.891.841.791.75
Inventories --1.762.890.774.02-2.300.230.220.220.21
Accounts Payable --0.73-4.937.17-6.58-4.72-0.90-0.88-0.86-0.83
Capital Expenditure -125.88-144.14-107.20-124.91-91.14-96.08-93.62-91.22-88.88-86.61
UFCF 103.28-100.23112.38110.92132.7277.5767.8866.1464.4562.80
WACC
PV UFCF 70.4455.9849.5343.8338.78
SUM PV UFCF 258.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.12
Free cash flow (t + 1) 64.05
Terminal Value 788.85
Present Value of Terminal Value 487.15

Intrinsic Value

Enterprise Value 745.70
Net Debt 603.93
Equity Value 141.77
Shares Outstanding 45.61
Equity Value Per Share 3.11