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
Stock DCF: 1.75 | 17.28 | 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 287.42208.44282.55311.96312.96327.68343.08359.21376.10393.78
Revenue (%)
EBITDA -12.567.1225.6847.7920.6619.7020.6321.6022.6123.67
EBITDA (%)
EBIT -18.680.3313.2535.8410.778.709.119.549.9910.46
EBIT (%)
Depreciation 6.126.7912.4311.969.891111.5112.0612.6213.22
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 30.3236.5046.09151.31199.27102.60107.42112.47117.76123.29
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 140.29131.07120.3784.4674.87134.54140.86147.49154.42161.68
Inventories (%)
Accounts Payable 46.3342.0741.1341.8647.7352.1254.5757.1459.8262.64
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 287.42208.44282.55311.96312.96327.68343.08359.21376.10393.78
EBITDA -12.567.1225.6847.7920.6619.7020.6321.6022.6123.67
EBIT -18.680.3313.2535.8410.778.709.119.549.9910.46
Tax Rate -99.94%14.58%29.31%3.43%53.01%0.08%0.08%0.08%0.08%0.08%
EBIAT -37.350.289.3734.615.068.709.109.539.9810.45
Depreciation 6.126.7912.4311.969.891111.5112.0612.6213.22
Accounts Receivable ----------
Inventories -9.2110.7035.919.58-59.66-6.33-6.62-6.93-7.26
Accounts Payable --4.26-0.940.735.874.392.452.572.692.81
Capital Expenditure -15.28-18.74-5.12-4-5.03-12.46-13.04-13.66-14.30-14.97
UFCF -46.50-6.7226.4479.2025.38-48.043.703.874.064.25
WACC
PV UFCF -45.473.323.293.263.23
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