Discounted Cash Flow (DCF) Analysis Unlevered
Inapa - Investimentos, Participaçõe... (INA.LS)
0.042 €
-0.00 (-1.87%)
All numbers are in Millions, Currency in USD
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 | 869.23 | 1,045.93 | 1,030.41 | 980.91 | 1,230.39 | 1,351.81 | 1,485.21 | 1,631.78 | 1,792.81 | 1,969.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 12.82 | 25.15 | 14.80 | 28.16 | 71.05 | 37.74 | 41.47 | 45.56 | 50.06 | 55 |
| EBITDA (%) | ||||||||||
| EBIT | 7.06 | 18.22 | 7.98 | 21.66 | 62.90 | 28.79 | 31.63 | 34.75 | 38.18 | 41.95 |
| EBIT (%) | ||||||||||
| Depreciation | 5.76 | 6.93 | 6.83 | 6.50 | 8.15 | 8.95 | 9.84 | 10.81 | 11.88 | 13.05 |
| 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 | 17.94 | 37.67 | 9.35 | 7.98 | 16.50 | 23.60 | 25.93 | 28.49 | 31.30 | 34.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 155.92 | 183.52 | 160.78 | 131.72 | 198.44 | 218.03 | 239.54 | 263.18 | 289.16 | 317.69 |
| Account Receivables (%) | ||||||||||
| Inventories | 58.73 | 71.10 | 62.21 | 55.03 | 89.96 | 87.90 | 96.58 | 106.11 | 116.58 | 128.08 |
| Inventories (%) | ||||||||||
| Accounts Payable | 79.21 | 119.80 | 104.86 | 109.47 | 103.43 | 136.02 | 149.44 | 164.19 | 180.39 | 198.19 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.21 | -5.89 | -6.65 | -3.36 | -2.57 | -5.76 | -6.33 | -6.95 | -7.64 | -8.39 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.042 |
|---|---|
| Beta | 0.806 |
| Diluted Shares Outstanding | - |
| Cost of Debt | |
| Tax Rate | 51.77 |
| After-tax Cost of Debt | 2.13% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.348 |
| Total Debt | 237.58 |
| Total Equity | - |
| Total Capital | 237.58 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| 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 | 869.23 | 1,045.93 | 1,030.41 | 980.91 | 1,230.39 | 1,351.81 | 1,485.21 | 1,631.78 | 1,792.81 | 1,969.73 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 12.82 | 25.15 | 14.80 | 28.16 | 71.05 | 37.74 | 41.47 | 45.56 | 50.06 | 55 |
| EBIT | 7.06 | 18.22 | 7.98 | 21.66 | 62.90 | 28.79 | 31.63 | 34.75 | 38.18 | 41.95 |
| Tax Rate | 3.20% | 16.17% | 15.23% | -148.80% | 51.77% | -12.49% | -12.49% | -12.49% | -12.49% | -12.49% |
| EBIAT | 6.84 | 15.27 | 6.76 | 53.90 | 30.33 | 32.38 | 35.58 | 39.09 | 42.95 | 47.19 |
| Depreciation | 5.76 | 6.93 | 6.83 | 6.50 | 8.15 | 8.95 | 9.84 | 10.81 | 11.88 | 13.05 |
| Accounts Receivable | - | -27.60 | 22.74 | 29.06 | -66.73 | -19.58 | -21.52 | -23.64 | -25.97 | -28.54 |
| Inventories | - | -12.37 | 8.89 | 7.18 | -34.92 | 2.05 | -8.67 | -9.53 | -10.47 | -11.50 |
| Accounts Payable | - | 40.59 | -14.95 | 4.61 | -6.04 | 32.59 | 13.42 | 14.75 | 16.20 | 17.80 |
| Capital Expenditure | -3.21 | -5.89 | -6.64 | -3.36 | -2.57 | -5.76 | -6.33 | -6.95 | -7.64 | -8.39 |
| UFCF | 9.39 | 16.93 | 23.62 | 97.88 | -71.78 | 50.64 | 22.33 | 24.53 | 26.95 | 29.61 |
| WACC | ||||||||||
| PV UFCF | 49.58 | 21.40 | 23.03 | 24.77 | 26.65 | |||||
| SUM PV UFCF | 145.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.13 |
| Free cash flow (t + 1) | 30.20 |
| Terminal Value | 23,231.61 |
| Present Value of Terminal Value | 20,908.01 |
Intrinsic Value
| Enterprise Value | 21,053.44 |
|---|---|
| Net Debt | 221.07 |
| Equity Value | 20,832.37 |
| Shares Outstanding | - |
| Equity Value Per Share | Infinity |