Discounted Cash Flow (DCF) Analysis Unlevered

EDP Renováveis, S.A. (EDPR.LS)

25.51 €

-0.50 (-1.92%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.88 | 25.51 | overvalue

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 1,829.721,678.141,794.891,723.911,760.531,746.641,732.851,719.171,705.601,692.14
Revenue (%)
EBITDA 1,159.911,248.291,522.181,542.101,621.591,411.791,400.641,389.591,378.621,367.74
EBITDA (%)
EBIT 627.30693.06928.61925.971,044.99839.74833.11826.54820.01813.54
EBIT (%)
Depreciation 532.61555.23593.57616.13576.60572.05567.53563.05558.61554.20
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 286.59468.62520.80440.101,003.55541.93537.65533.41529.20525.02
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 27.2234.6333.4246.2057.3839.6639.3439.0338.7338.42
Inventories (%)
Accounts Payable 69.8799.4560.5066.781,510.64359.09356.26353.44350.65347.89
Accounts Payable (%)
Capital Expenditure -1,037.18-903.73-1,209.72-1,547.26-2,372.09-1,405.79-1,394.69-1,383.68-1,372.76-1,361.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 25.51
Beta 0.500
Diluted Shares Outstanding 872.31
Cost of Debt
Tax Rate 27.38
After-tax Cost of Debt 3.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.217
Total Debt 4,902.20
Total Equity 22,252.58
Total Capital 27,154.78
Debt Weighting 18.05
Equity Weighting 81.95
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 1,829.721,678.141,794.891,723.911,760.531,746.641,732.851,719.171,705.601,692.14
EBITDA 1,159.911,248.291,522.181,542.101,621.591,411.791,400.641,389.591,378.621,367.74
EBIT 627.30693.06928.61925.971,044.99839.74833.11826.54820.01813.54
Tax Rate 45.29%41.49%33.00%27.73%27.38%34.98%34.98%34.98%34.98%34.98%
EBIAT 343.21405.48622.20669.16758.85546.01541.70537.43533.18528.97
Depreciation 532.61555.23593.57616.13576.60572.05567.53563.05558.61554.20
Accounts Receivable ----------
Inventories --7.411.22-12.78-11.1817.720.310.310.310.31
Accounts Payable -29.59-38.956.281,443.86-1,151.55-2.83-2.81-2.79-2.77
Capital Expenditure -1,037.18-903.73-1,209.72-1,547.26-2,372.09-1,405.79-1,394.69-1,383.68-1,372.76-1,361.92
UFCF -161.3779.15-31.68-268.47396.04-1,421.55-287.98-285.70-283.45-281.21
WACC
PV UFCF -1,354.50-261.45-247.16-233.64-220.86
SUM PV UFCF -2,317.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.95
Free cash flow (t + 1) -286.84
Terminal Value -9,723.26
Present Value of Terminal Value -7,636.59

Intrinsic Value

Enterprise Value -9,954.21
Net Debt 3,898.65
Equity Value -13,852.86
Shares Outstanding 872.31
Equity Value Per Share -15.88