Discounted Cash Flow (DCF) Analysis Unlevered

Glenveagh Properties PLC (GVR.IR)

1.134 €

+0.01 (+0.53%)
All numbers are in Millions, Currency in USD
Stock DCF: -267,713,882.47 | 1.134 | 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 1.4384.18284.64232.30476.817,786.62127,161.312,076,639.9433,913,092.76553,826,321.30
Revenue (%)
EBITDA -51.60-2.3230.75-10.6852.97-56,166.97-917,248.89-14,979,364.52-244,624,293.25-3,994,898,766.47
EBITDA (%)
EBIT -51.71-2.5629.36-12.7150.57-56,320.62-919,758.06-15,020,341.11-245,293,471.82-4,005,826,956.05
EBIT (%)
Depreciation 0.110.231.392.032.41153.652,509.1740,976.59669,178.5710,928,189.58
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 351.80130.7093.22137.28116.18388,691.056,347,617.33103,661,366.971,692,868,118.4727,645,810,105.48
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 228.09718.86840.49821.17767.19275,177.514,493,855.7673,388,045.751,198,482,00519,572,112,891.46
Inventories (%)
Accounts Payable 9.9533.397.453.466.2011,571.44188,970.283,086,026.8650,397,140.56823,023,224.73
Accounts Payable (%)
Capital Expenditure -0.35-11.19-8.24-4.16-16.71-713.69-11,655.03-190,335.39-3,108,320.12-50,761,206.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.134
Beta 1.354
Diluted Shares Outstanding 871.33
Cost of Debt
Tax Rate 17.54
After-tax Cost of Debt 3.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.240
Total Debt 120.79
Total Equity 988.09
Total Capital 1,108.89
Debt Weighting 10.89
Equity Weighting 89.11
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 1.4384.18284.64232.30476.817,786.62127,161.312,076,639.9433,913,092.76553,826,321.30
EBITDA -51.60-2.3230.75-10.6852.97-56,166.97-917,248.89-14,979,364.52-244,624,293.25-3,994,898,766.47
EBIT -51.71-2.5629.36-12.7150.57-56,320.62-919,758.06-15,020,341.11-245,293,471.82-4,005,826,956.05
Tax Rate 0.77%0.98%14.43%11.71%17.54%9.09%9.09%9.09%9.09%9.09%
EBIAT -51.32-2.5325.12-11.2241.70-51,203.43-836,190.51-13,655,620.23-223,006,553-3,641,864,802.82
Depreciation 0.110.231.392.032.41153.652,509.1740,976.59669,178.5710,928,189.58
Accounts Receivable ----------
Inventories --490.77-121.6319.3253.97-274,410.31-4,218,678.25-68,894,189.99-1,125,093,959.25-18,373,630,886.47
Accounts Payable -23.44-25.93-42.7511,565.24177,398.842,897,056.5847,311,113.71772,626,084.16
Capital Expenditure -0.35-11.19-8.24-4.16-16.71-713.69-11,655.03-190,335.39-3,108,320.12-50,761,206.24
UFCF -51.55-480.81-129.281.9784.11-314,608.55-4,886,615.78-79,802,112.44-1,303,228,540.09-21,282,702,621.77
WACC
PV UFCF -289,721.47-4,144,083.78-62,322,503.17-937,262,518.44-14,095,406,696.55
SUM PV UFCF -15,099,425,523.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.59
Free cash flow (t + 1) -21,708,356,674.21
Terminal Value -329,413,606,588.92
Present Value of Terminal Value -218,168,662,071.02

Intrinsic Value

Enterprise Value -233,268,087,594.43
Net Debt 4.62
Equity Value -233,268,087,599.04
Shares Outstanding 871.33
Equity Value Per Share -267,713,882.47