Discounted Cash Flow (DCF) Analysis Unlevered

Neinor Homes, S.A. (HOME.MC)

9.3 €

+0.05 (+0.54%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,878.29 | 9.3 | 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 220.39379.99488.86572.80914.301,320.841,908.152,756.613,982.325,753.05
Revenue (%)
EBITDA -17.5752.1594.25101.14148.95155.81225.09325.17469.75678.63
EBITDA (%)
EBIT -18.2950.8690.2997.04144.05148.61214.68310.14448.04647.26
EBIT (%)
Depreciation 0.721.293.954.104.907.2010.4015.0321.7131.36
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 77.28113.77186.17272.41283.33479.82693.171,001.381,446.642,089.89
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,140.271,206.601,190.421,184.171,301.363,771.035,447.807,870.1511,369.5916,425.05
Inventories (%)
Accounts Payable 41.6054.72150.83183.87255.32327.98473.81684.50988.851,428.55
Accounts Payable (%)
Capital Expenditure -1.23-6.73-1.83-0.81-0.74-7.73-11.16-16.13-23.30-33.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.3
Beta 0.472
Diluted Shares Outstanding 73.93
Cost of Debt
Tax Rate 16.33
After-tax Cost of Debt 3.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.745
Total Debt 557.07
Total Equity 687.55
Total Capital 1,244.62
Debt Weighting 44.76
Equity Weighting 55.24
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 220.39379.99488.86572.80914.301,320.841,908.152,756.613,982.325,753.05
EBITDA -17.5752.1594.25101.14148.95155.81225.09325.17469.75678.63
EBIT -18.2950.8690.2997.04144.05148.61214.68310.14448.04647.26
Tax Rate 0.13%-14.45%21.58%22.69%16.33%9.26%9.26%9.26%9.26%9.26%
EBIAT -18.2658.2170.8175.02120.52134.85194.81281.43406.57587.36
Depreciation 0.721.293.954.104.907.2010.4015.0321.7131.36
Accounts Receivable ----------
Inventories --66.3316.196.24-117.18-2,469.67-1,676.78-2,422.35-3,499.44-5,055.46
Accounts Payable -13.1296.1133.0471.4572.66145.84210.68304.36439.69
Capital Expenditure -1.23-6.73-1.83-0.81-0.74-7.73-11.16-16.13-23.30-33.66
UFCF -18.77-0.44185.22117.5978.95-2,262.69-1,336.89-1,931.34-2,790.10-4,030.71
WACC
PV UFCF -2,163.80-1,222.59-1,689.03-2,333.41-3,223.64
SUM PV UFCF -10,632.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.57
Free cash flow (t + 1) -4,111.33
Terminal Value -159,973.74
Present Value of Terminal Value -127,942

Intrinsic Value

Enterprise Value -138,574.47
Net Debt 287.39
Equity Value -138,861.86
Shares Outstanding 73.93
Equity Value Per Share -1,878.29