Discounted Cash Flow (DCF) Analysis Unlevered
Care Property Invest NV (CPINV.BR)
12.52 €
-0.36 (-2.79%)
All numbers are in Millions, Currency in USD
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 | 19.95 | 25.24 | 29.48 | 36.20 | 43.65 | 53.12 | 64.63 | 78.64 | 95.69 | 116.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 17.70 | 26.04 | 30.85 | 24.77 | 65.50 | 54.71 | 66.57 | 81.01 | 98.57 | 119.94 |
| EBITDA (%) | ||||||||||
| EBIT | 17.60 | 25.90 | 30.67 | 24.56 | 65.24 | 54.41 | 66.20 | 80.55 | 98.02 | 119.27 |
| EBIT (%) | ||||||||||
| Depreciation | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | 0.31 | 0.37 | 0.45 | 0.55 | 0.67 |
| 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 | 5.64 | 2.75 | 3.35 | 3.75 | 2.54 | 7.09 | 8.62 | 10.49 | 12.77 | 15.53 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.98 | 3.68 | 3.05 | 10.13 | 9.31 | 9.47 | 11.53 | 14.02 | 17.06 | 20.76 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -6.35 | -13.29 | -48.02 | -0.42 | -2.46 | -27 | -32.86 | -39.98 | -48.65 | -59.19 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.52 |
|---|---|
| Beta | 0.126 |
| Diluted Shares Outstanding | 25.96 |
| Cost of Debt | |
| Tax Rate | 0.87 |
| After-tax Cost of Debt | 1.17% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.299 |
| Total Debt | 427.81 |
| Total Equity | 325.06 |
| Total Capital | 752.88 |
| Debt Weighting | 56.82 |
| Equity Weighting | 43.18 |
| 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 | 19.95 | 25.24 | 29.48 | 36.20 | 43.65 | 53.12 | 64.63 | 78.64 | 95.69 | 116.44 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 17.70 | 26.04 | 30.85 | 24.77 | 65.50 | 54.71 | 66.57 | 81.01 | 98.57 | 119.94 |
| EBIT | 17.60 | 25.90 | 30.67 | 24.56 | 65.24 | 54.41 | 66.20 | 80.55 | 98.02 | 119.27 |
| Tax Rate | 4.05% | -5.44% | -1.60% | 0.43% | 0.87% | -0.34% | -0.34% | -0.34% | -0.34% | -0.34% |
| EBIAT | 16.88 | 27.30 | 31.16 | 24.45 | 64.67 | 54.59 | 66.42 | 80.82 | 98.35 | 119.67 |
| Depreciation | 0.10 | 0.15 | 0.18 | 0.21 | 0.25 | 0.31 | 0.37 | 0.45 | 0.55 | 0.67 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.70 | -0.63 | 7.09 | -0.83 | 0.17 | 2.05 | 2.50 | 3.04 | 3.70 |
| Capital Expenditure | -6.35 | -13.29 | -48.02 | -0.42 | -2.46 | -27 | -32.86 | -39.98 | -48.65 | -59.19 |
| UFCF | 10.63 | 14.86 | -17.31 | 31.32 | 61.64 | 28.06 | 35.99 | 43.80 | 53.29 | 64.84 |
| WACC | ||||||||||
| PV UFCF | 27.37 | 34.24 | 40.64 | 48.24 | 57.26 | |||||
| SUM PV UFCF | 207.75 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.52 |
| Free cash flow (t + 1) | 66.14 |
| Terminal Value | 12,719.08 |
| Present Value of Terminal Value | 11,230.85 |
Intrinsic Value
| Enterprise Value | 11,438.60 |
|---|---|
| Net Debt | 425.27 |
| Equity Value | 11,013.34 |
| Shares Outstanding | 25.96 |
| Equity Value Per Share | 424.18 |