Discounted Cash Flow (DCF) Analysis Unlevered

International General Insurance Hol... (IGIC)

$12.96

-0.04 (-0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 45.28 | 12.96 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 207.99249.94296357.10386.60451.84528.09617.20721.35843.08
Revenue (%)
EBITDA 26.8125.5835.7547.0687.7064.2275.0687.72102.52119.82
EBITDA (%)
EBIT 25.4523.6233.1443.4984.0360.3670.5582.4696.37112.63
EBIT (%)
Depreciation 1.361.962.613.563.673.854.515.276.157.19
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 184.73192.46133.40242.10138284.10332.04388.07453.56530.09
Total Cash (%)
Account Receivables 110.72117.61166.60179.40184.80230.09268.91314.29367.33429.32
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 35.4855.2683.5089.5086.80103.82121.34141.82165.75193.72
Accounts Payable (%)
Capital Expenditure -1.15-1.06-1.90-2.35-1.27-2.35-2.75-3.21-3.75-4.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.96
Beta 0.192
Diluted Shares Outstanding 45.50
Cost of Debt
Tax Rate 9.87
After-tax Cost of Debt 3.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.227
Total Debt 3.07
Total Equity 589.68
Total Capital 592.75
Debt Weighting 0.52
Equity Weighting 99.48
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 207.99249.94296357.10386.60451.84528.09617.20721.35843.08
EBITDA 26.8125.5835.7547.0687.7064.2275.0687.72102.52119.82
EBIT 25.4523.6233.1443.4984.0360.3670.5582.4696.37112.63
Tax Rate 0.24%6.68%24.37%10.66%9.87%10.37%10.37%10.37%10.37%10.37%
EBIAT 25.3922.0425.0638.8675.7454.1163.2473.9186.38100.96
Depreciation 1.361.962.613.563.673.854.515.276.157.19
Accounts Receivable --6.89-48.99-12.80-5.40-45.29-38.83-45.38-53.04-61.99
Inventories ----------
Accounts Payable -19.7928.246-2.7017.0217.5220.4823.9327.97
Capital Expenditure -1.15-1.06-1.91-2.35-1.27-2.35-2.75-3.21-3.75-4.39
UFCF 25.6035.845.0233.2770.0427.3543.6951.0659.6869.75
WACC
PV UFCF 25.9939.4643.8348.6954.08
SUM PV UFCF 212.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.22
Free cash flow (t + 1) 71.14
Terminal Value 2,209.34
Present Value of Terminal Value 1,713.06

Intrinsic Value

Enterprise Value 1,925.10
Net Debt -134.93
Equity Value 2,060.03
Shares Outstanding 45.50
Equity Value Per Share 45.28