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 |