Discounted Cash Flow (DCF) Analysis Unlevered

Care Property Invest NV (CPINV.BR)

12.18 €

-0.14 (-1.14%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.47 | 12.18 | overvalue

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 25.2429.4836.2043.6555.106781.4899.08120.49146.52
Revenue (%)
EBITDA 27.7535.9832.6257.1161.3075.6191.94111.81135.96165.34
EBITDA (%)
EBIT 27.6135.8032.4156.8660.8775.1991.43111.18135.20164.41
EBIT (%)
Depreciation 0.150.180.210.250.430.420.510.620.760.92
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 2.753.353.752.542.375.736.968.4710.3012.52
Total Cash (%)
Account Receivables -201.22207.78216.27203.43355.29432.05525.39638.90776.93
Account Receivables (%)
Inventories -000000000
Inventories (%)
Accounts Payable 3.683.0510.139.3111.1912.6715.4118.7322.7827.70
Accounts Payable (%)
Capital Expenditure -0.22-0.21-0.42-2.46-0.44-1.23-1.50-1.82-2.21-2.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.18
Beta 0.252
Diluted Shares Outstanding 29.64
Cost of Debt
Tax Rate 0.90
After-tax Cost of Debt 4.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.451
Total Debt 585.27
Total Equity 361.05
Total Capital 946.32
Debt Weighting 61.85
Equity Weighting 38.15
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 25.2429.4836.2043.6555.106781.4899.08120.49146.52
EBITDA 27.7535.9832.6257.1161.3075.6191.94111.81135.96165.34
EBIT 27.6135.8032.4156.8660.8775.1991.43111.18135.20164.41
Tax Rate -5.44%-1.60%0.43%0.87%0.90%-0.97%-0.97%-0.97%-0.97%-0.97%
EBIAT 29.1136.3732.2756.3660.3275.9192.31112.26136.51166
Depreciation 0.150.180.210.250.430.420.510.620.760.92
Accounts Receivable ---6.56-8.4912.84-151.87-76.76-93.34-113.51-138.03
Inventories ---0-0-0-0-0-0-0-0
Accounts Payable --0.637.09-0.831.891.482.743.334.054.92
Capital Expenditure -0.22-0.21-0.42-2.46-0.44-1.23-1.50-1.82-2.21-2.69
UFCF 29.0435.7132.5944.8475.05-75.2917.3121.0525.5931.12
WACC
PV UFCF -71.9115.7918.3421.3124.75
SUM PV UFCF 8.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.69
Free cash flow (t + 1) 31.43
Terminal Value 851.89
Present Value of Terminal Value 677.42

Intrinsic Value

Enterprise Value 685.69
Net Debt 582.90
Equity Value 102.79
Shares Outstanding 29.64
Equity Value Per Share 3.47