Discounted Cash Flow (DCF) Analysis Unlevered

Futebol Clube do Porto - Futebol, S... (FCP.LS)

0.94 €

+0.04 (+4.44%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.79 | 0.94 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 104.38173.8986.81151.88142.55172.96209.85254.62308.94374.84
Revenue (%)
EBITDA 27.9273.35-50.3195.6892.4448.0258.2670.6985.77104.07
EBITDA (%)
EBIT -12.2232.15-93.6759.4443.99-10.77-13.07-15.85-19.24-23.34
EBIT (%)
Depreciation 40.1441.2043.3636.2448.4558.7971.3386.55105.01127.41
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 49.899.145.538.504.8123.6628.7034.8342.2651.27
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3.042.893.463.683.244.585.566.758.199.94
Inventories (%)
Accounts Payable 58.6856.8460.1472.2981.4590.94110.35133.89162.45197.10
Accounts Payable (%)
Capital Expenditure -44.56-60.53-63.15-41.36-27.52-68.07-82.59-100.21-121.59-147.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.94
Beta 0.991
Diluted Shares Outstanding 22.50
Cost of Debt
Tax Rate 3.69
After-tax Cost of Debt 8.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.369
Total Debt 293.61
Total Equity 21.15
Total Capital 314.76
Debt Weighting 93.28
Equity Weighting 6.72
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 104.38173.8986.81151.88142.55172.96209.85254.62308.94374.84
EBITDA 27.9273.35-50.3195.6892.4448.0258.2670.6985.77104.07
EBIT -12.2232.15-93.6759.4443.99-10.77-13.07-15.85-19.24-23.34
Tax Rate -1.50%13.82%-0.30%2.15%3.69%3.57%3.57%3.57%3.57%3.57%
EBIAT -12.4127.71-93.9558.1642.36-10.38-12.60-15.29-18.55-22.51
Depreciation 40.1441.2043.3636.2448.4558.7971.3386.55105.01127.41
Accounts Receivable ----------
Inventories -0.14-0.56-0.220.43-1.34-0.98-1.19-1.44-1.75
Accounts Payable --1.843.3012.169.159.5019.4023.5428.5634.65
Capital Expenditure -44.56-60.53-63.15-41.36-27.52-68.07-82.59-100.21-121.59-147.53
UFCF -16.836.67-111.0164.9872.88-11.51-5.44-6.60-8.01-9.72
WACC
PV UFCF -10.61-4.62-5.17-5.78-6.46
SUM PV UFCF -32.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.51
Free cash flow (t + 1) -9.91
Terminal Value -152.28
Present Value of Terminal Value -101.23

Intrinsic Value

Enterprise Value -133.86
Net Debt 288.80
Equity Value -422.67
Shares Outstanding 22.50
Equity Value Per Share -18.79