Discounted Cash Flow (DCF) Analysis Unlevered
Inapa - Investimentos, Participaçõe... (INA.LS)
0.0372 €
-0.00 (-3.13%)
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 | 894.70 | 869.23 | 1,045.92 | 1,030.41 | 980.91 | 1,008.36 | 1,036.58 | 1,065.59 | 1,095.41 | 1,126.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 16.32 | 13.61 | 24.34 | 13.69 | 27.81 | 19.92 | 20.48 | 21.06 | 21.64 | 22.25 |
| EBITDA (%) | ||||||||||
| EBIT | 10.77 | 7.85 | 8.44 | -4.82 | 16.53 | 8.33 | 8.56 | 8.80 | 9.05 | 9.30 |
| EBIT (%) | ||||||||||
| Depreciation | 5.55 | 5.76 | 15.90 | 18.51 | 11.28 | 11.59 | 11.92 | 12.25 | 12.59 | 12.95 |
| 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 | 19.30 | 17.94 | 35.67 | 9.35 | 7.98 | 18.86 | 19.39 | 19.93 | 20.49 | 21.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 126.57 | 117.50 | 136.34 | 115.62 | 65.80 | 118.24 | 121.55 | 124.95 | 128.45 | 132.04 |
| Account Receivables (%) | ||||||||||
| Inventories | 65.13 | 58.73 | 71.10 | 62.21 | 55.03 | 65.51 | 67.34 | 69.22 | 71.16 | 73.15 |
| Inventories (%) | ||||||||||
| Accounts Payable | 72.42 | 79.21 | 119.80 | 104.86 | 109.47 | 100.83 | 103.65 | 106.56 | 109.54 | 112.60 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.69 | -3.21 | -5.89 | -6.65 | -3.36 | -4.48 | -4.60 | -4.73 | -4.87 | -5 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,372 |
|---|---|
| Beta | 0.751 |
| Diluted Shares Outstanding | 683.41 |
| Cost of Debt | |
| Tax Rate | -148.80 |
| After-tax Cost of Debt | 4.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.293 |
| Total Debt | 269.80 |
| Total Equity | 25.42 |
| Total Capital | 295.22 |
| Debt Weighting | 91.39 |
| Equity Weighting | 8.61 |
| 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 | 894.70 | 869.23 | 1,045.92 | 1,030.41 | 980.91 | 1,008.36 | 1,036.58 | 1,065.59 | 1,095.41 | 1,126.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 16.32 | 13.61 | 24.34 | 13.69 | 27.81 | 19.92 | 20.48 | 21.06 | 21.64 | 22.25 |
| EBIT | 10.77 | 7.85 | 8.44 | -4.82 | 16.53 | 8.33 | 8.56 | 8.80 | 9.05 | 9.30 |
| Tax Rate | 17.97% | 3.20% | 16.17% | 15.23% | -148.80% | -19.25% | -19.25% | -19.25% | -19.25% | -19.25% |
| EBIAT | 8.83 | 7.60 | 7.08 | -4.09 | 41.12 | 9.93 | 10.21 | 10.50 | 10.79 | 11.09 |
| Depreciation | 5.55 | 5.76 | 15.90 | 18.51 | 11.28 | 11.59 | 11.92 | 12.25 | 12.59 | 12.95 |
| Accounts Receivable | - | 9.07 | -18.84 | 20.72 | 49.82 | -52.44 | -3.31 | -3.40 | -3.50 | -3.59 |
| Inventories | - | 6.40 | -12.37 | 8.89 | 7.18 | -10.47 | -1.83 | -1.88 | -1.94 | -1.99 |
| Accounts Payable | - | 6.79 | 40.59 | -14.95 | 4.61 | -8.64 | 2.82 | 2.90 | 2.98 | 3.07 |
| Capital Expenditure | -2.69 | -3.21 | -5.89 | -6.64 | -3.36 | -4.48 | -4.60 | -4.73 | -4.87 | -5 |
| UFCF | 11.69 | 32.40 | 26.47 | 22.44 | 110.65 | -54.50 | 15.21 | 15.63 | 16.07 | 16.52 |
| WACC | ||||||||||
| PV UFCF | -52.20 | 13.95 | 13.73 | 13.52 | 13.31 | |||||
| SUM PV UFCF | 2.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.41 |
| Free cash flow (t + 1) | 16.85 |
| Terminal Value | 699.13 |
| Present Value of Terminal Value | 563.44 |
Intrinsic Value
| Enterprise Value | 565.76 |
|---|---|
| Net Debt | 261.81 |
| Equity Value | 303.94 |
| Shares Outstanding | 683.41 |
| Equity Value Per Share | 0.44 |