Discounted Cash Flow (DCF) Analysis Unlevered
Heijmans N.V. (HEIJM.AS)
10.74 €
+0.10 (+0.94%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 1,369.68 | 1,402.21 | 1,579.13 | 1,600.23 | 1,746.47 | 1,857.66 | 1,975.93 | 2,101.74 | 2,235.55 | 2,377.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -88.08 | 16.14 | 41.70 | 73.78 | 80.39 | 24.42 | 25.98 | 27.63 | 29.39 | 31.26 |
| EBITDA (%) | ||||||||||
| EBIT | -106.64 | 2.46 | 30.07 | 41.02 | 46.29 | -1.83 | -1.94 | -2.07 | -2.20 | -2.34 |
| EBIT (%) | ||||||||||
| Depreciation | 18.55 | 13.68 | 11.63 | 32.76 | 34.10 | 26.25 | 27.92 | 29.70 | 31.59 | 33.61 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 28.41 | 74.44 | 86.84 | 106.67 | 173.13 | 109.46 | 116.43 | 123.84 | 131.72 | 140.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 276.63 | 248.46 | 258.35 | 273.37 | 281.63 | 325.03 | 345.73 | 367.74 | 391.15 | 416.06 |
| Inventories (%) | ||||||||||
| Accounts Payable | 228.33 | 220.16 | 220.47 | 189.69 | 165.12 | 251.31 | 267.31 | 284.33 | 302.43 | 321.68 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -14.99 | -4.20 | -8.72 | -11.01 | -16.37 | -13.27 | -14.11 | -15.01 | -15.97 | -16.98 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.74 |
|---|---|
| Beta | 1.323 |
| Diluted Shares Outstanding | 21.71 |
| Cost of Debt | |
| Tax Rate | -0.27 |
| After-tax Cost of Debt | 6.71% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.092 |
| Total Debt | 93.16 |
| Total Equity | 233.22 |
| Total Capital | 326.38 |
| Debt Weighting | 28.54 |
| Equity Weighting | 71.46 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 1,369.68 | 1,402.21 | 1,579.13 | 1,600.23 | 1,746.47 | 1,857.66 | 1,975.93 | 2,101.74 | 2,235.55 | 2,377.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -88.08 | 16.14 | 41.70 | 73.78 | 80.39 | 24.42 | 25.98 | 27.63 | 29.39 | 31.26 |
| EBIT | -106.64 | 2.46 | 30.07 | 41.02 | 46.29 | -1.83 | -1.94 | -2.07 | -2.20 | -2.34 |
| Tax Rate | -0.30% | 0.00% | 0.36% | 13.77% | -0.27% | 2.71% | 2.71% | 2.71% | 2.71% | 2.71% |
| EBIAT | -106.95 | 2.46 | 29.96 | 35.37 | 46.42 | -1.78 | -1.89 | -2.01 | -2.14 | -2.28 |
| Depreciation | 18.55 | 13.68 | 11.63 | 32.76 | 34.10 | 26.25 | 27.92 | 29.70 | 31.59 | 33.61 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 28.17 | -9.89 | -15.02 | -8.25 | -43.41 | -20.69 | -22.01 | -23.41 | -24.90 |
| Accounts Payable | - | -8.17 | 0.31 | -30.78 | -24.57 | 86.19 | 16 | 17.02 | 18.10 | 19.25 |
| Capital Expenditure | -14.99 | -4.20 | -8.72 | -11.01 | -16.37 | -13.27 | -14.11 | -15.01 | -15.97 | -16.98 |
| UFCF | -103.39 | 31.94 | 23.29 | 11.32 | 31.32 | 53.99 | 7.23 | 7.69 | 8.18 | 8.70 |
| WACC | ||||||||||
| PV UFCF | 49.80 | 6.15 | 6.03 | 5.92 | 5.81 | |||||
| SUM PV UFCF | 73.71 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.41 |
| Free cash flow (t + 1) | 8.87 |
| Terminal Value | 138.39 |
| Present Value of Terminal Value | 92.42 |
Intrinsic Value
| Enterprise Value | 166.12 |
|---|---|
| Net Debt | -79.97 |
| Equity Value | 246.09 |
| Shares Outstanding | 21.71 |
| Equity Value Per Share | 11.33 |