Discounted Cash Flow (DCF) Analysis Unlevered
Ion Beam Applications SA (IBAB.BR)
17.28 €
0.00 (0.00%)
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 | 287.42 | 208.44 | 282.55 | 311.96 | 312.96 | 327.68 | 343.08 | 359.21 | 376.10 | 393.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -12.56 | 7.12 | 25.68 | 47.79 | 20.66 | 19.70 | 20.63 | 21.60 | 22.61 | 23.67 |
| EBITDA (%) | ||||||||||
| EBIT | -18.68 | 0.33 | 13.25 | 35.84 | 10.77 | 8.70 | 9.11 | 9.54 | 9.99 | 10.46 |
| EBIT (%) | ||||||||||
| Depreciation | 6.12 | 6.79 | 12.43 | 11.96 | 9.89 | 11 | 11.51 | 12.06 | 12.62 | 13.22 |
| 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 | 30.32 | 36.50 | 46.09 | 151.31 | 199.27 | 102.60 | 107.42 | 112.47 | 117.76 | 123.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 140.29 | 131.07 | 120.37 | 84.46 | 74.87 | 134.54 | 140.86 | 147.49 | 154.42 | 161.68 |
| Inventories (%) | ||||||||||
| Accounts Payable | 46.33 | 42.07 | 41.13 | 41.86 | 47.73 | 52.12 | 54.57 | 57.14 | 59.82 | 62.64 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -15.28 | -18.74 | -5.12 | -4 | -5.03 | -12.46 | -13.04 | -13.66 | -14.30 | -14.97 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.28 |
|---|---|
| Beta | 0.633 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 53.01 |
| After-tax Cost of Debt | 1.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.781 |
| Total Debt | 68.98 |
| Total Equity | 1,857.36 |
| Total Capital | 1,926.33 |
| Debt Weighting | 3.58 |
| Equity Weighting | 96.42 |
| 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 | 287.42 | 208.44 | 282.55 | 311.96 | 312.96 | 327.68 | 343.08 | 359.21 | 376.10 | 393.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -12.56 | 7.12 | 25.68 | 47.79 | 20.66 | 19.70 | 20.63 | 21.60 | 22.61 | 23.67 |
| EBIT | -18.68 | 0.33 | 13.25 | 35.84 | 10.77 | 8.70 | 9.11 | 9.54 | 9.99 | 10.46 |
| Tax Rate | -99.94% | 14.58% | 29.31% | 3.43% | 53.01% | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
| EBIAT | -37.35 | 0.28 | 9.37 | 34.61 | 5.06 | 8.70 | 9.10 | 9.53 | 9.98 | 10.45 |
| Depreciation | 6.12 | 6.79 | 12.43 | 11.96 | 9.89 | 11 | 11.51 | 12.06 | 12.62 | 13.22 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 9.21 | 10.70 | 35.91 | 9.58 | -59.66 | -6.33 | -6.62 | -6.93 | -7.26 |
| Accounts Payable | - | -4.26 | -0.94 | 0.73 | 5.87 | 4.39 | 2.45 | 2.57 | 2.69 | 2.81 |
| Capital Expenditure | -15.28 | -18.74 | -5.12 | -4 | -5.03 | -12.46 | -13.04 | -13.66 | -14.30 | -14.97 |
| UFCF | -46.50 | -6.72 | 26.44 | 79.20 | 25.38 | -48.04 | 3.70 | 3.87 | 4.06 | 4.25 |
| WACC | ||||||||||
| PV UFCF | -45.47 | 3.32 | 3.29 | 3.26 | 3.23 | |||||
| SUM PV UFCF | -32.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.64 |
| Free cash flow (t + 1) | 4.33 |
| Terminal Value | 119.03 |
| Present Value of Terminal Value | 90.47 |
Intrinsic Value
| Enterprise Value | 58.09 |
|---|---|
| Net Debt | -130.29 |
| Equity Value | 188.38 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | 1.75 |