Discounted Cash Flow (DCF) Analysis Unlevered

Endesa, S.A. (ELE.MC)

17.93 €

-0.28 (-1.51%)
All numbers are in Millions, Currency in USD
Stock DCF: 63.59 | 17.93 | 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 19,55619,55519,25816,64420,52220,942.8121,372.2621,810.5122,257.7422,714.15
Revenue (%)
EBITDA 3,5343,5213,6803,6944,3614,131.194,215.904,302.354,390.584,480.61
EBITDA (%)
EBIT 2,0231,8132271,7972,0391,739.391,775.051,811.451,848.601,886.50
EBIT (%)
Depreciation 1,5111,7083,4531,8972,3222,391.812,440.852,490.902,541.982,594.10
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 1,1631,2271,4381,5801,5801,544.771,576.441,608.771,641.761,675.42
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,2671,4731,1771,0771,3431,388.011,416.481,445.521,475.161,505.41
Inventories (%)
Accounts Payable 4,0713,6443,8843,7393,8114,215.994,302.444,390.674,480.704,572.58
Accounts Payable (%)
Capital Expenditure -1,078-1,425-1,821-1,704-2,082-1,785.94-1,822.56-1,859.93-1,898.07-1,936.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.93
Beta 0.610
Diluted Shares Outstanding 1,058.73
Cost of Debt
Tax Rate 25.42
After-tax Cost of Debt 0.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.570
Total Debt 10,378
Total Equity 18,983.05
Total Capital 29,361.05
Debt Weighting 35.35
Equity Weighting 64.65
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 19,55619,55519,25816,64420,52220,942.8121,372.2621,810.5122,257.7422,714.15
EBITDA 3,5343,5213,6803,6944,3614,131.194,215.904,302.354,390.584,480.61
EBIT 2,0231,8132271,7972,0391,739.391,775.051,811.451,848.601,886.50
Tax Rate 23.00%22.06%25.65%22.04%25.42%23.63%23.63%23.63%23.63%23.63%
EBIAT 1,557.711,413.10168.771,401.021,520.771,328.331,355.571,383.371,411.731,440.68
Depreciation 1,5111,7083,4531,8972,3222,391.812,440.852,490.902,541.982,594.10
Accounts Receivable ----------
Inventories --206296100-266-45.01-28.46-29.05-29.64-30.25
Accounts Payable --427240-14572404.9986.4588.2290.0391.88
Capital Expenditure -1,078-1,425-1,821-1,704-2,082-1,785.94-1,822.56-1,859.93-1,898.07-1,936.99
UFCF 1,990.711,063.102,336.771,549.021,566.772,294.182,031.852,073.512,116.032,159.42
WACC
PV UFCF 2,193.291,857.071,811.811,767.651,724.56
SUM PV UFCF 9,354.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.60
Free cash flow (t + 1) 2,202.61
Terminal Value 84,715.78
Present Value of Terminal Value 67,655.93

Intrinsic Value

Enterprise Value 77,010.30
Net Debt 9,683
Equity Value 67,327.30
Shares Outstanding 1,058.73
Equity Value Per Share 63.59