Discounted Cash Flow (DCF) Analysis Unlevered

Home Invest Belgium S.A. (HOMI.BR)

20.53 €

-0.17 (-0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 125.97 | 20.53 | undervalue

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 23.4225.0426.1827.8429.1530.8032.5334.3736.3038.35
Revenue (%)
EBITDA 16.3572.2058.8122.7752.8052.0955.0358.1361.4164.87
EBITDA (%)
EBIT 16.2572.0358.5822.5652.6051.8854.8057.8961.1564.60
EBIT (%)
Depreciation 0.110.170.240.210.200.210.230.240.250.27
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 7.183.244.203.334.195.305.595.916.246.59
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 4.842.432.993.211.263.553.753.964.194.42
Accounts Payable (%)
Capital Expenditure -21.18-0.68-5.38-5.10-20.11-12.38-13.08-13.81-14.59-15.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20.53
Beta 0.142
Diluted Shares Outstanding 31.43
Cost of Debt
Tax Rate 0.45
After-tax Cost of Debt 0.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.293
Total Debt 381.77
Total Equity 645.20
Total Capital 1,026.97
Debt Weighting 37.17
Equity Weighting 62.83
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 23.4225.0426.1827.8429.1530.8032.5334.3736.3038.35
EBITDA 16.3572.2058.8122.7752.8052.0955.0358.1361.4164.87
EBIT 16.2572.0358.5822.5652.6051.8854.8057.8961.1564.60
Tax Rate 3.24%0.43%0.16%1.38%0.45%1.13%1.13%1.13%1.13%1.13%
EBIAT 15.7271.7258.4922.2552.3651.2954.1857.2460.4663.87
Depreciation 0.110.170.240.210.200.210.230.240.250.27
Accounts Receivable ----------
Inventories ----------
Accounts Payable --2.410.570.21-1.952.290.200.210.220.24
Capital Expenditure -21.18-0.68-5.38-5.10-20.11-12.38-13.08-13.81-14.59-15.41
UFCF -5.3568.8053.9117.5830.5141.4241.5343.8746.3548.96
WACC
PV UFCF 40.2039.1240.1041.1142.15
SUM PV UFCF 202.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.04
Free cash flow (t + 1) 49.94
Terminal Value 4,801.66
Present Value of Terminal Value 4,133.92

Intrinsic Value

Enterprise Value 4,336.60
Net Debt 377.58
Equity Value 3,959.02
Shares Outstanding 31.43
Equity Value Per Share 125.97