Discounted Cash Flow (DCF) Analysis Unlevered

Cofinimmo SA (COFB.BR)

57.65 €

-0.05 (-0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 248.29 | 57.65 | undervalue

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 262.63286.17295.21340.81366.42398.55433.51471.53512.88557.86
Revenue (%)
EBITDA 187.40264.86174.05264.67350.42315.78343.48373.60406.36442
EBITDA (%)
EBIT 186.79263.95173.08263.25347.22314.05341.59371.55404.14439.58
EBIT (%)
Depreciation 0.610.920.971.423.191.731.882.052.232.42
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 27.1831.5748.6419.8620.2539.2342.6746.4150.4854.91
Total Cash (%)
Account Receivables -161.17171.99240.82251.22252.88275.06299.19325.42353.97
Account Receivables (%)
Inventories --39.57-68.50-78.19-26.09-66.85-72.71-79.09-86.03-93.57
Inventories (%)
Accounts Payable 21.733840.2946.65132.4267.7873.7280.1887.2294.87
Accounts Payable (%)
Capital Expenditure -0.66-0.47-1.91-1.52-1.27-1.48-1.61-1.75-1.90-2.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 57.65
Beta 0.707
Diluted Shares Outstanding 32
Cost of Debt
Tax Rate 2.25
After-tax Cost of Debt 4.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.496
Total Debt 2,880.54
Total Equity 1,844.84
Total Capital 4,725.37
Debt Weighting 60.96
Equity Weighting 39.04
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 262.63286.17295.21340.81366.42398.55433.51471.53512.88557.86
EBITDA 187.40264.86174.05264.67350.42315.78343.48373.60406.36442
EBIT 186.79263.95173.08263.25347.22314.05341.59371.55404.14439.58
Tax Rate 5.40%5.38%5.27%5.50%2.25%4.76%4.76%4.76%4.76%4.76%
EBIAT 176.69249.76163.96248.77339.41299.10325.33353.87384.90418.66
Depreciation 0.610.920.971.423.191.731.882.052.232.42
Accounts Receivable ---10.83-68.83-10.39-1.67-22.18-24.12-26.24-28.54
Inventories --28.929.69-52.1040.775.866.386.947.54
Accounts Payable -16.272.296.3785.77-64.655.946.477.037.65
Capital Expenditure -0.66-0.47-1.91-1.52-1.27-1.48-1.61-1.75-1.90-2.07
UFCF 176.64266.47183.41195.89364.61273.81315.24342.88372.95405.66
WACC
PV UFCF 259.78283.76292.84302.20311.86
SUM PV UFCF 1,450.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.40
Free cash flow (t + 1) 413.78
Terminal Value 12,169.89
Present Value of Terminal Value 9,355.85

Intrinsic Value

Enterprise Value 10,806.29
Net Debt 2,860.93
Equity Value 7,945.36
Shares Outstanding 32
Equity Value Per Share 248.29