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
Stock DCF: 0.44 | 0.0372 | undervalue

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 894.70869.231,045.921,030.41980.911,008.361,036.581,065.591,095.411,126.06
Revenue (%)
EBITDA 16.3213.6124.3413.6927.8119.9220.4821.0621.6422.25
EBITDA (%)
EBIT 10.777.858.44-4.8216.538.338.568.809.059.30
EBIT (%)
Depreciation 5.555.7615.9018.5111.2811.5911.9212.2512.5912.95
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 19.3017.9435.679.357.9818.8619.3919.9320.4921.06
Total Cash (%)
Account Receivables 126.57117.50136.34115.6265.80118.24121.55124.95128.45132.04
Account Receivables (%)
Inventories 65.1358.7371.1062.2155.0365.5167.3469.2271.1673.15
Inventories (%)
Accounts Payable 72.4279.21119.80104.86109.47100.83103.65106.56109.54112.60
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 894.70869.231,045.921,030.41980.911,008.361,036.581,065.591,095.411,126.06
EBITDA 16.3213.6124.3413.6927.8119.9220.4821.0621.6422.25
EBIT 10.777.858.44-4.8216.538.338.568.809.059.30
Tax Rate 17.97%3.20%16.17%15.23%-148.80%-19.25%-19.25%-19.25%-19.25%-19.25%
EBIAT 8.837.607.08-4.0941.129.9310.2110.5010.7911.09
Depreciation 5.555.7615.9018.5111.2811.5911.9212.2512.5912.95
Accounts Receivable -9.07-18.8420.7249.82-52.44-3.31-3.40-3.50-3.59
Inventories -6.40-12.378.897.18-10.47-1.83-1.88-1.94-1.99
Accounts Payable -6.7940.59-14.954.61-8.642.822.902.983.07
Capital Expenditure -2.69-3.21-5.89-6.64-3.36-4.48-4.60-4.73-4.87-5
UFCF 11.6932.4026.4722.44110.65-54.5015.2115.6316.0716.52
WACC
PV UFCF -52.2013.9513.7313.5213.31
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