Discounted Cash Flow (DCF) Analysis Unlevered

Fugro N.V. (FUR.AS)

10.38 €

-0.55 (-5.03%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.37 | 10.38 | 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 1,497.391,649.971,631.331,386.301,461.731,459.831,457.931,456.031,454.141,452.25
Revenue (%)
EBITDA 68.73113.8775.3210.94218.7693.0392.9192.7992.6792.55
EBITDA (%)
EBIT -64.279.14-41.58-102.81106.10-18.81-18.79-18.77-18.74-18.72
EBIT (%)
Depreciation 133104.73116.90113.75112.66111.85111.70111.56111.41111.27
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 213.57227.15201.15174.16148.96184.27184.03183.79183.55183.31
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 30.5429.3029.6827.6229.1028.0828.0428.0127.9727.94
Inventories (%)
Accounts Payable 98.80119.8385.8680.76111.4195.0994.9794.8594.7294.60
Accounts Payable (%)
Capital Expenditure -117.15-80.32-85.32-82.14-80.17-85.64-85.53-85.41-85.30-85.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.38
Beta 2.080
Diluted Shares Outstanding 60.95
Cost of Debt
Tax Rate -19.59
After-tax Cost of Debt 8.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.516
Total Debt 441.67
Total Equity 632.63
Total Capital 1,074.30
Debt Weighting 41.11
Equity Weighting 58.89
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 1,497.391,649.971,631.331,386.301,461.731,459.831,457.931,456.031,454.141,452.25
EBITDA 68.73113.8775.3210.94218.7693.0392.9192.7992.6792.55
EBIT -64.279.14-41.58-102.81106.10-18.81-18.79-18.77-18.74-18.72
Tax Rate -35.80%-45.09%-372.36%-271.73%-19.59%-148.91%-148.91%-148.91%-148.91%-148.91%
EBIAT -87.2813.27-196.40-382.17126.89-46.83-46.77-46.71-46.65-46.59
Depreciation 133104.73116.90113.75112.66111.85111.70111.56111.41111.27
Accounts Receivable ----------
Inventories -1.24-0.382.07-1.481.020.040.040.040.04
Accounts Payable -21.03-33.97-5.1030.65-16.31-0.12-0.12-0.12-0.12
Capital Expenditure -117.15-80.32-85.32-82.14-80.17-85.64-85.53-85.41-85.30-85.19
UFCF -71.4359.94-199.16-353.60188.55-35.92-20.68-20.66-20.63-20.60
WACC
PV UFCF -32.22-16.64-14.90-13.35-11.96
SUM PV UFCF -89.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.50
Free cash flow (t + 1) -21.01
Terminal Value -221.21
Present Value of Terminal Value -128.36

Intrinsic Value

Enterprise Value -217.41
Net Debt 292.71
Equity Value -510.13
Shares Outstanding 60.95
Equity Value Per Share -8.37