Discounted Cash Flow (DCF) Analysis Unlevered

Ellomay Capital Ltd. (ELLO)

$17.9

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -10,065.24 | 17.9 | 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 13.6418.1218.999.6444.7884.28158.61298.49561.751,057.17
Revenue (%)
EBITDA 2.4112.2325.822.398.4144.6283.98158.05297.44559.76
EBITDA (%)
EBIT -2.106.4119.40-0.59-6.6717.0632.1060.42113.71213.99
EBIT (%)
Depreciation 4.525.826.422.9815.0827.5751.8897.63183.73345.77
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 27.3740.3054.6176.7271.59280.83528.50994.621,871.813,522.65
Total Cash (%)
Account Receivables 10.8012.104.168.597.8646.2887.09163.90308.46580.50
Account Receivables (%)
Inventories --0.280.310.641.713.226.0711.4221.49
Inventories (%)
Accounts Payable 1.352.131.7612.392.9027.9552.6199186.32350.64
Accounts Payable (%)
Capital Expenditure -7.58-3.71-74.59-128.42-82.81-334.62-629.74-1,185.14-2,230.38-4,197.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.9
Beta 1.071
Diluted Shares Outstanding 12.84
Cost of Debt
Tax Rate 32.28
After-tax Cost of Debt 2.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.588
Total Debt 376.32
Total Equity 229.84
Total Capital 606.16
Debt Weighting 62.08
Equity Weighting 37.92
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 13.6418.1218.999.6444.7884.28158.61298.49561.751,057.17
EBITDA 2.4112.2325.822.398.4144.6283.98158.05297.44559.76
EBIT -2.106.4119.40-0.59-6.6717.0632.1060.42113.71213.99
Tax Rate 2.46%-29.06%-26.99%26.47%32.28%1.03%1.03%1.03%1.03%1.03%
EBIAT -2.058.2824.64-0.43-4.5116.8831.7759.80112.53211.78
Depreciation 4.525.826.422.9815.0827.5751.8897.63183.73345.77
Accounts Receivable --1.307.94-4.430.74-38.42-40.81-76.81-144.55-272.04
Inventories ----0.02-0.33-1.07-1.51-2.84-5.35-10.07
Accounts Payable -0.78-0.3610.62-9.4825.0524.6546.4087.31164.32
Capital Expenditure -7.58-3.71-74.59-128.42-82.81-334.62-629.74-1,185.14-2,230.38-4,197.44
UFCF -5.119.86-35.95-119.71-81.33-304.62-563.77-1,060.98-1,996.70-3,757.69
WACC
PV UFCF -291.48-516.16-929.47-1,673.72-3,013.92
SUM PV UFCF -6,424.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.51
Free cash flow (t + 1) -3,832.84
Terminal Value -152,702.79
Present Value of Terminal Value -122,477.90

Intrinsic Value

Enterprise Value -128,902.64
Net Debt 335.09
Equity Value -129,237.73
Shares Outstanding 12.84
Equity Value Per Share -10,065.24