Discounted Cash Flow (DCF) Analysis Unlevered

Holland Colours N.V. (HOLCO.AS)

123 €

+1.00 (+0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 237.37 | 123 | undervalue

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 83.5190.90101.5496.03110.47118.79127.75137.38147.74158.87
Revenue (%)
EBITDA 10.0510.3913.6015.3917.0716.2417.4618.7820.1921.71
EBITDA (%)
EBIT 8.098.4910.7112.3313.6613.0113.9915.0516.1817.40
EBIT (%)
Depreciation 1.961.902.893.063.413.223.463.734.014.31
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 5.347.437.6716.6416.9613.021415.0616.1917.41
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 11.7912.5312.7812.6020.6017.1718.4619.8521.3522.96
Inventories (%)
Accounts Payable 7.638.718.957.7417.3912.2013.1214.1115.1716.31
Accounts Payable (%)
Capital Expenditure -2.46-2.94-4.29-1.95-3.35-3.68-3.95-4.25-4.57-4.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 123
Beta 0.783
Diluted Shares Outstanding 0.86
Cost of Debt
Tax Rate 24.84
After-tax Cost of Debt 10.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.499
Total Debt 1.28
Total Equity 105.82
Total Capital 107.10
Debt Weighting 1.19
Equity Weighting 98.81
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 83.5190.90101.5496.03110.47118.79127.75137.38147.74158.87
EBITDA 10.0510.3913.6015.3917.0716.2417.4618.7820.1921.71
EBIT 8.098.4910.7112.3313.6613.0113.9915.0516.1817.40
Tax Rate 28.61%30.43%26.92%23.26%24.84%26.81%26.81%26.81%26.81%26.81%
EBIAT 5.775.917.839.4610.279.5210.2411.0111.8512.74
Depreciation 1.961.902.893.063.413.223.463.734.014.31
Accounts Receivable ----------
Inventories --0.75-0.250.18-7.993.43-1.29-1.39-1.50-1.61
Accounts Payable -1.080.23-1.219.65-5.190.920.991.061.14
Capital Expenditure -2.46-2.94-4.29-1.95-3.35-3.68-3.95-4.25-4.57-4.92
UFCF 5.275.206.419.5411.997.319.3810.0910.8511.66
WACC
PV UFCF 6.798.118.118.118.11
SUM PV UFCF 39.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.54
Free cash flow (t + 1) 11.90
Terminal Value 214.75
Present Value of Terminal Value 149.31

Intrinsic Value

Enterprise Value 188.54
Net Debt -15.68
Equity Value 204.22
Shares Outstanding 0.86
Equity Value Per Share 237.37