Discounted Cash Flow (DCF) Analysis Unlevered
Cofinimmo SA (COFB.BR)
83.1 €
+1.15 (+1.40%)
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 | 262.63 | 286.17 | 295.21 | 340.81 | 366.42 | 398.55 | 433.51 | 471.53 | 512.88 | 557.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 166.66 | 228.87 | 145.12 | 294.91 | 527.77 | 337.30 | 366.88 | 399.06 | 434.06 | 472.13 |
| EBITDA (%) | ||||||||||
| EBIT | 166.05 | 227.95 | 144.15 | 293.49 | 526.58 | 336.01 | 365.48 | 397.53 | 432.39 | 470.32 |
| EBIT (%) | ||||||||||
| Depreciation | 0.61 | 0.92 | 0.97 | 1.42 | 1.19 | 1.29 | 1.41 | 1.53 | 1.66 | 1.81 |
| 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 | 27.18 | 31.57 | 48.64 | 19.86 | 20.25 | 39.23 | 42.67 | 46.41 | 50.48 | 54.91 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 21.73 | 38 | 40.29 | 46.65 | 132.42 | 67.78 | 73.72 | 80.18 | 87.22 | 94.87 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.66 | -0.47 | -1.91 | -1.52 | -1.38 | -1.50 | -1.63 | -1.78 | -1.93 | -2.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 83.1 |
|---|---|
| Beta | 0.583 |
| Diluted Shares Outstanding | 32 |
| Cost of Debt | |
| Tax Rate | 2.25 |
| After-tax Cost of Debt | 1.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.343 |
| Total Debt | 2,880.54 |
| Total Equity | 2,659.25 |
| Total Capital | 5,539.79 |
| Debt Weighting | 52.00 |
| Equity Weighting | 48.00 |
| 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 | 262.63 | 286.17 | 295.21 | 340.81 | 366.42 | 398.55 | 433.51 | 471.53 | 512.88 | 557.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 166.66 | 228.87 | 145.12 | 294.91 | 527.77 | 337.30 | 366.88 | 399.06 | 434.06 | 472.13 |
| EBIT | 166.05 | 227.95 | 144.15 | 293.49 | 526.58 | 336.01 | 365.48 | 397.53 | 432.39 | 470.32 |
| Tax Rate | 5.40% | 5.38% | 5.27% | 5.50% | 2.25% | 4.76% | 4.76% | 4.76% | 4.76% | 4.76% |
| EBIAT | 157.08 | 215.70 | 136.55 | 277.34 | 514.74 | 320.01 | 348.08 | 378.61 | 411.81 | 447.93 |
| Depreciation | 0.61 | 0.92 | 0.97 | 1.42 | 1.19 | 1.29 | 1.41 | 1.53 | 1.66 | 1.81 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 16.27 | 2.29 | 6.37 | 85.77 | -64.65 | 5.94 | 6.47 | 7.03 | 7.65 |
| Capital Expenditure | -0.66 | -0.47 | -1.91 | -1.52 | -1.38 | -1.50 | -1.63 | -1.78 | -1.93 | -2.10 |
| UFCF | 157.03 | 232.41 | 137.90 | 283.61 | 600.31 | 255.16 | 353.79 | 384.82 | 418.57 | 455.28 |
| WACC | ||||||||||
| PV UFCF | 246.22 | 329.44 | 345.78 | 362.93 | 380.94 | |||||
| SUM PV UFCF | 1,665.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.63 |
| Free cash flow (t + 1) | 464.39 |
| Terminal Value | 28,490.06 |
| Present Value of Terminal Value | 23,837.79 |
Intrinsic Value
| Enterprise Value | 25,503.10 |
|---|---|
| Net Debt | 2,860.93 |
| Equity Value | 22,642.18 |
| Shares Outstanding | 32 |
| Equity Value Per Share | 707.55 |