Discounted Cash Flow (DCF) Analysis Unlevered

Fluxys Belgium SA (FLUX.BR)

29 €

-0.10 (-0.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 109.70 | 29 | 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 576.62609.48611.18567.25585.43588.35591.29594.24597.20600.18
Revenue (%)
EBITDA 290.66277.31293.52308.78312.79296.29297.77299.25300.74302.24
EBITDA (%)
EBIT 130.58121.74135.56134.25138.80132132.66133.32133.98134.65
EBIT (%)
Depreciation 160.08155.56157.95174.53173.99164.29165.11165.93166.76167.59
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 735.73442.87427.21416.82412.67487.30489.73492.18494.63497.10
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 27.8629.1026.4926.3839.0429.7229.8730.0230.1730.32
Inventories (%)
Accounts Payable 36.9439.3745.0730.3036.0937.3637.5437.7337.9238.11
Accounts Payable (%)
Capital Expenditure -105.66-83.40-97.96-47.31-56.55-77.70-78.09-78.48-78.87-79.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29
Beta 0.237
Diluted Shares Outstanding 70.26
Cost of Debt
Tax Rate 24.84
After-tax Cost of Debt 2.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.083
Total Debt 1,219.52
Total Equity 2,037.64
Total Capital 3,257.16
Debt Weighting 37.44
Equity Weighting 62.56
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 576.62609.48611.18567.25585.43588.35591.29594.24597.20600.18
EBITDA 290.66277.31293.52308.78312.79296.29297.77299.25300.74302.24
EBIT 130.58121.74135.56134.25138.80132132.66133.32133.98134.65
Tax Rate 14.74%31.69%29.20%21.82%24.84%24.45%24.45%24.45%24.45%24.45%
EBIAT 111.3383.1795.98104.96104.3299.72100.22100.72101.22101.72
Depreciation 160.08155.56157.95174.53173.99164.29165.11165.93166.76167.59
Accounts Receivable ----------
Inventories --1.252.610.11-12.669.32-0.15-0.15-0.15-0.15
Accounts Payable -2.435.70-14.775.801.260.190.190.190.19
Capital Expenditure -105.66-83.40-97.96-47.31-56.55-77.70-78.09-78.48-78.87-79.26
UFCF 165.75156.52164.29217.53214.90196.89187.27188.21189.15190.09
WACC
PV UFCF 189.21172.95167.03161.31155.79
SUM PV UFCF 846.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.06
Free cash flow (t + 1) 193.89
Terminal Value 9,412.21
Present Value of Terminal Value 7,713.87

Intrinsic Value

Enterprise Value 8,560.15
Net Debt 852.59
Equity Value 7,707.56
Shares Outstanding 70.26
Equity Value Per Share 109.70