Discounted Cash Flow (DCF) Analysis Unlevered

D'Ieteren Group SA (DIE.BR)

180.7 €

+2.70 (+1.52%)
All numbers are in Millions, Currency in USD
Stock DCF: 286.56 | 180.7 | undervalue

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 3,455.103,578.103,798.803,3183,360.503,346.663,332.873,319.143,305.473,291.85
Revenue (%)
EBITDA 168.201,097.70140.70211.50335.60372.22370.69369.16367.64366.13
EBITDA (%)
EBIT 146.301,074.2098.80164.60289.10337.48336.09334.70333.33331.95
EBIT (%)
Depreciation 21.9023.5041.9046.9046.5034.7434.6034.4634.3234.17
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 404.409331,265.301,088.50898.70874.39870.79867.20863.63860.07
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 367.70455.70492.80457.40446.20424.45422.70420.96419.22417.50
Inventories (%)
Accounts Payable 6.10279.30291.10252.80302.50215.97215.08214.19213.31212.43
Accounts Payable (%)
Capital Expenditure -35.90-45-50.40-35-46.70-40.61-40.45-40.28-40.11-39.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 180.7
Beta 1.313
Diluted Shares Outstanding 53.97
Cost of Debt
Tax Rate 9.49
After-tax Cost of Debt 1.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.902
Total Debt 211.50
Total Equity 9,751.83
Total Capital 9,963.33
Debt Weighting 2.12
Equity Weighting 97.88
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 3,455.103,578.103,798.803,3183,360.503,346.663,332.873,319.143,305.473,291.85
EBITDA 168.201,097.70140.70211.50335.60372.22370.69369.16367.64366.13
EBIT 146.301,074.2098.80164.60289.10337.48336.09334.70333.33331.95
Tax Rate -12.83%-1,452.59%30.79%10.30%9.49%-282.97%-282.97%-282.97%-282.97%-282.97%
EBIAT 165.0616,677.9568.38147.64261.661,292.431,287.111,281.801,276.521,271.27
Depreciation 21.9023.5041.9046.9046.5034.7434.6034.4634.3234.17
Accounts Receivable ----------
Inventories --88-37.1035.4011.2021.751.751.741.731.73
Accounts Payable -273.2011.80-38.3049.70-86.53-0.89-0.89-0.88-0.88
Capital Expenditure -35.90-45-50.40-35-46.70-40.61-40.45-40.28-40.11-39.95
UFCF 151.0616,841.6534.58156.64322.361,221.781,282.121,276.841,271.581,266.34
WACC
PV UFCF 1,113.441,064.82966.41877.08796.02
SUM PV UFCF 4,817.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.73
Free cash flow (t + 1) 1,291.67
Terminal Value 16,709.79
Present Value of Terminal Value 10,503.74

Intrinsic Value

Enterprise Value 15,321.51
Net Debt -143.10
Equity Value 15,464.61
Shares Outstanding 53.97
Equity Value Per Share 286.56