Discounted Cash Flow (DCF) Analysis Unlevered
Home Invest Belgium S.A. (HOMI.BR)
20.7 €
-0.06 (-0.29%)
All numbers are in Millions, Currency in USD
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 | 23.42 | 25.04 | 26.18 | 27.84 | 29.15 | 30.80 | 32.53 | 34.37 | 36.30 | 38.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 16.35 | 72.20 | 58.81 | 22.77 | 52.80 | 52.09 | 55.03 | 58.13 | 61.41 | 64.87 |
| EBITDA (%) | ||||||||||
| EBIT | 16.25 | 72.03 | 58.58 | 22.56 | 52.60 | 51.88 | 54.80 | 57.89 | 61.15 | 64.60 |
| EBIT (%) | ||||||||||
| Depreciation | 0.11 | 0.17 | 0.24 | 0.21 | 0.20 | 0.21 | 0.23 | 0.24 | 0.25 | 0.27 |
| 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 | 7.18 | 3.24 | 4.20 | 3.33 | 4.19 | 5.30 | 5.59 | 5.91 | 6.24 | 6.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.84 | 2.43 | 2.99 | 3.21 | 1.26 | 3.55 | 3.75 | 3.96 | 4.19 | 4.42 |
| 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 | $ 20.7 |
|---|---|
| Beta | 0.066 |
| 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 | 3.791 |
| Total Debt | 381.77 |
| Total Equity | 650.55 |
| Total Capital | 1,032.31 |
| Debt Weighting | 36.98 |
| Equity Weighting | 63.02 |
| 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 | 23.42 | 25.04 | 26.18 | 27.84 | 29.15 | 30.80 | 32.53 | 34.37 | 36.30 | 38.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 16.35 | 72.20 | 58.81 | 22.77 | 52.80 | 52.09 | 55.03 | 58.13 | 61.41 | 64.87 |
| EBIT | 16.25 | 72.03 | 58.58 | 22.56 | 52.60 | 51.88 | 54.80 | 57.89 | 61.15 | 64.60 |
| Tax Rate | 3.24% | 0.43% | 0.16% | 1.38% | 0.45% | 1.13% | 1.13% | 1.13% | 1.13% | 1.13% |
| EBIAT | 15.72 | 71.72 | 58.49 | 22.25 | 52.36 | 51.29 | 54.18 | 57.24 | 60.46 | 63.87 |
| Depreciation | 0.11 | 0.17 | 0.24 | 0.21 | 0.20 | 0.21 | 0.23 | 0.24 | 0.25 | 0.27 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -2.41 | 0.57 | 0.21 | -1.95 | 2.29 | 0.20 | 0.21 | 0.22 | 0.24 |
| Capital Expenditure | -21.18 | -0.68 | -5.38 | -5.10 | -20.11 | -12.38 | -13.08 | -13.81 | -14.59 | -15.41 |
| UFCF | -5.35 | 68.80 | 53.91 | 17.58 | 30.51 | 41.42 | 41.53 | 43.87 | 46.35 | 48.96 |
| WACC | ||||||||||
| PV UFCF | 40.32 | 39.36 | 40.47 | 41.61 | 42.79 | |||||
| SUM PV UFCF | 204.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.73 |
| Free cash flow (t + 1) | 49.94 |
| Terminal Value | 6,840.72 |
| Present Value of Terminal Value | 5,978.82 |
Intrinsic Value
| Enterprise Value | 6,183.36 |
|---|---|
| Net Debt | 377.58 |
| Equity Value | 5,805.78 |
| Shares Outstanding | 31.43 |
| Equity Value Per Share | 184.74 |