Discounted Cash Flow (DCF) Analysis Unlevered
Greenyard NV (GREEN.BR)
6.74 €
-0.04 (-0.59%)
All numbers are in Millions, Currency in USD
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 | 4,175.91 | 3,911.47 | 4,060.99 | 4,416.23 | 4,400.54 | 4,465.25 | 4,530.92 | 4,597.55 | 4,665.16 | 4,733.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 98.55 | -114.85 | 87.26 | 138.79 | 150.45 | 72.64 | 73.71 | 74.80 | 75.90 | 77.01 |
| EBITDA (%) | ||||||||||
| EBIT | 30.56 | -185.95 | -16.18 | 41.20 | 50.19 | -20.96 | -21.27 | -21.58 | -21.90 | -22.22 |
| EBIT (%) | ||||||||||
| Depreciation | 67.99 | 71.11 | 103.44 | 97.59 | 100.26 | 93.61 | 94.98 | 96.38 | 97.80 | 99.23 |
| 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 | 57.99 | 68.89 | 134.93 | 81.77 | 98.50 | 94.33 | 95.72 | 97.12 | 98.55 | 100 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 312.39 | 271.63 | 261.87 | 309.45 | 341.20 | 318.23 | 322.91 | 327.66 | 332.48 | 337.37 |
| Inventories (%) | ||||||||||
| Accounts Payable | 691.16 | 553.18 | 592.82 | 649.63 | 637.80 | 665.28 | 675.07 | 684.99 | 695.07 | 705.29 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -71.77 | -68.01 | -36.07 | -48.27 | -48.48 | -58.41 | -59.27 | -60.14 | -61.02 | -61.92 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.74 |
|---|---|
| Beta | 1.010 |
| Diluted Shares Outstanding | 50.63 |
| Cost of Debt | |
| Tax Rate | 32.87 |
| After-tax Cost of Debt | 2.91% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.577 |
| Total Debt | 627.24 |
| Total Equity | 341.23 |
| Total Capital | 968.47 |
| Debt Weighting | 64.77 |
| Equity Weighting | 35.23 |
| 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 | 4,175.91 | 3,911.47 | 4,060.99 | 4,416.23 | 4,400.54 | 4,465.25 | 4,530.92 | 4,597.55 | 4,665.16 | 4,733.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 98.55 | -114.85 | 87.26 | 138.79 | 150.45 | 72.64 | 73.71 | 74.80 | 75.90 | 77.01 |
| EBIT | 30.56 | -185.95 | -16.18 | 41.20 | 50.19 | -20.96 | -21.27 | -21.58 | -21.90 | -22.22 |
| Tax Rate | 47.76% | -39.02% | -8.12% | 87.60% | 32.87% | 24.21% | 24.21% | 24.21% | 24.21% | 24.21% |
| EBIAT | 15.96 | -258.52 | -17.49 | 5.11 | 33.69 | -15.89 | -16.12 | -16.36 | -16.60 | -16.84 |
| Depreciation | 67.99 | 71.11 | 103.44 | 97.59 | 100.26 | 93.61 | 94.98 | 96.38 | 97.80 | 99.23 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 40.77 | 9.76 | -47.58 | -31.75 | 22.97 | -4.68 | -4.75 | -4.82 | -4.89 |
| Accounts Payable | - | -137.98 | 39.64 | 56.81 | -11.83 | 27.48 | 9.78 | 9.93 | 10.07 | 10.22 |
| Capital Expenditure | -71.77 | -68.01 | -36.07 | -48.27 | -48.48 | -58.41 | -59.27 | -60.14 | -61.02 | -61.92 |
| UFCF | 12.19 | -352.64 | 99.28 | 63.66 | 41.89 | 69.76 | 24.70 | 25.06 | 25.43 | 25.80 |
| WACC | ||||||||||
| PV UFCF | 66.50 | 22.44 | 21.71 | 21 | 20.31 | |||||
| SUM PV UFCF | 151.97 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.90 |
| Free cash flow (t + 1) | 26.32 |
| Terminal Value | 907.57 |
| Present Value of Terminal Value | 714.50 |
Intrinsic Value
| Enterprise Value | 866.47 |
|---|---|
| Net Debt | 528.73 |
| Equity Value | 337.74 |
| Shares Outstanding | 50.63 |
| Equity Value Per Share | 6.67 |