Discounted Cash Flow (DCF) Analysis Unlevered

Intertrust N.V. (INTER.AS)

19.6 €

-0.04 (-0.20%)
All numbers are in Millions, Currency in USD
Stock DCF: 68.26 | 19.6 | 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 485.22496.06543.34564.47571.29595.38620.48646.64673.90702.32
Revenue (%)
EBITDA 186.61181.94229.41178.20201.95219.43228.68238.32248.37258.84
EBITDA (%)
EBIT 134.56129.53154.7574.41123.62139.49145.37151.50157.89164.55
EBIT (%)
Depreciation 52.0552.4074.67103.7978.3379.9483.3186.8290.4894.30
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 67.48128.32123.50143.02130.29131.75137.31143.10149.13155.42
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 33.0834.2333.8535.4740.8239.7441.4243.1644.9846.88
Inventories (%)
Accounts Payable 6.628.3711.8115.0329.4015.5216.1816.8617.5718.31
Accounts Payable (%)
Capital Expenditure -8.29-9.57-11.98-18.58-17.50-14.52-15.14-15.77-16.44-17.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.6
Beta 0.384
Diluted Shares Outstanding 91.45
Cost of Debt
Tax Rate 25.80
After-tax Cost of Debt 2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.510
Total Debt 898.70
Total Equity 1,792.40
Total Capital 2,691.10
Debt Weighting 33.40
Equity Weighting 66.60
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 485.22496.06543.34564.47571.29595.38620.48646.64673.90702.32
EBITDA 186.61181.94229.41178.20201.95219.43228.68238.32248.37258.84
EBIT 134.56129.53154.7574.41123.62139.49145.37151.50157.89164.55
Tax Rate 17.89%8.63%21.31%41.88%25.80%23.10%23.10%23.10%23.10%23.10%
EBIAT 110.48118.36121.7743.2591.73107.27111.79116.50121.41126.53
Depreciation 52.0552.4074.67103.7978.3379.9483.3186.8290.4894.30
Accounts Receivable ----------
Inventories --1.150.38-1.62-5.351.07-1.68-1.75-1.82-1.90
Accounts Payable -1.753.443.2214.37-13.880.650.680.710.74
Capital Expenditure -8.29-9.57-11.98-18.58-17.50-14.52-15.14-15.77-16.44-17.13
UFCF 154.24161.80188.27130.06161.58159.88178.94186.49194.35202.54
WACC
PV UFCF 152.78163.39162.71162.04161.37
SUM PV UFCF 802.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.65
Free cash flow (t + 1) 206.59
Terminal Value 7,795.93
Present Value of Terminal Value 6,211.15

Intrinsic Value

Enterprise Value 7,013.44
Net Debt 770.80
Equity Value 6,242.64
Shares Outstanding 91.45
Equity Value Per Share 68.26