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
Stock DCF: 11.33 | 10.74 | undervalue

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 1,369.681,402.211,579.131,600.231,746.471,857.661,975.932,101.742,235.552,377.88
Revenue (%)
EBITDA -88.0816.1441.7073.7880.3924.4225.9827.6329.3931.26
EBITDA (%)
EBIT -106.642.4630.0741.0246.29-1.83-1.94-2.07-2.20-2.34
EBIT (%)
Depreciation 18.5513.6811.6332.7634.1026.2527.9229.7031.5933.61
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 28.4174.4486.84106.67173.13109.46116.43123.84131.72140.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 276.63248.46258.35273.37281.63325.03345.73367.74391.15416.06
Inventories (%)
Accounts Payable 228.33220.16220.47189.69165.12251.31267.31284.33302.43321.68
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 1,369.681,402.211,579.131,600.231,746.471,857.661,975.932,101.742,235.552,377.88
EBITDA -88.0816.1441.7073.7880.3924.4225.9827.6329.3931.26
EBIT -106.642.4630.0741.0246.29-1.83-1.94-2.07-2.20-2.34
Tax Rate -0.30%0.00%0.36%13.77%-0.27%2.71%2.71%2.71%2.71%2.71%
EBIAT -106.952.4629.9635.3746.42-1.78-1.89-2.01-2.14-2.28
Depreciation 18.5513.6811.6332.7634.1026.2527.9229.7031.5933.61
Accounts Receivable ----------
Inventories -28.17-9.89-15.02-8.25-43.41-20.69-22.01-23.41-24.90
Accounts Payable --8.170.31-30.78-24.5786.191617.0218.1019.25
Capital Expenditure -14.99-4.20-8.72-11.01-16.37-13.27-14.11-15.01-15.97-16.98
UFCF -103.3931.9423.2911.3231.3253.997.237.698.188.70
WACC
PV UFCF 49.806.156.035.925.81
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