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	1.43	84.18	284.64	232.30	476.81	7,786.62	127,161.31	2,076,639.94	33,913,092.76	553,826,321.30
Revenue (%)
EBITDA	-51.60	-2.32	30.75	-10.68	52.97	-56,166.97	-917,248.89	-14,979,364.52	-244,624,293.25	-3,994,898,766.47
EBITDA (%)
EBIT	-51.71	-2.56	29.36	-12.71	50.57	-56,320.62	-919,758.06	-15,020,341.11	-245,293,471.82	-4,005,826,956.05
EBIT (%)
Depreciation	0.11	0.23	1.39	2.03	2.41	153.65	2,509.17	40,976.59	669,178.57	10,928,189.58
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	351.80	130.70	93.22	137.28	116.18	388,691.05	6,347,617.33	103,661,366.97	1,692,868,118.47	27,645,810,105.48
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	228.09	718.86	840.49	821.17	767.19	275,177.51	4,493,855.76	73,388,045.75	1,198,482,005	19,572,112,891.46
Inventories (%)
Accounts Payable	9.95	33.39	7.45	3.46	6.20	11,571.44	188,970.28	3,086,026.86	50,397,140.56	823,023,224.73
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	1.43	84.18	284.64	232.30	476.81	7,786.62	127,161.31	2,076,639.94	33,913,092.76	553,826,321.30
EBITDA	-51.60	-2.32	30.75	-10.68	52.97	-56,166.97	-917,248.89	-14,979,364.52	-244,624,293.25	-3,994,898,766.47
EBIT	-51.71	-2.56	29.36	-12.71	50.57	-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	-2.53	25.12	-11.22	41.70	-51,203.43	-836,190.51	-13,655,620.23	-223,006,553	-3,641,864,802.82
Depreciation	0.11	0.23	1.39	2.03	2.41	153.65	2,509.17	40,976.59	669,178.57	10,928,189.58
Accounts Receivable	-	-	-	-	-	-	-	-	-	-
Inventories	-	-490.77	-121.63	19.32	53.97	-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	-4	2.75	11,565.24	177,398.84	2,897,056.58	47,311,113.71	772,626,084.16
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	-129.28	1.97	84.11	-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