Discounted Cash Flow (DCF) Analysis Unlevered
Leasinvest Real Estate SCA (LEAS.BR)
72.6 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 62.20 | 60.64 | 61.80 | 71.01 | 65.42 | 66.48 | 67.54 | 68.63 | 69.74 | 70.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 41.53 | 56.07 | 45.83 | 58.59 | 16.31 | 45.31 | 46.04 | 46.78 | 47.53 | 48.30 |
| EBITDA (%) | ||||||||||
| EBIT | 41.38 | 55.97 | 45.75 | 58.48 | 16.16 | 45.19 | 45.92 | 46.66 | 47.41 | 48.17 |
| EBIT (%) | ||||||||||
| Depreciation | 0.14 | 0.10 | 0.08 | 0.11 | 0.15 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 20.77 | 5.70 | 7.40 | 5.01 | 2.74 | 8.78 | 8.92 | 9.06 | 9.21 | 9.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.69 | 13.34 | 15.12 | 14.93 | 14.39 | 14.82 | 15.06 | 15.30 | 15.55 | 15.80 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | 11.87 | -9.45 | -122.44 | -63.85 | -0.74 | -37.98 | -38.59 | -39.21 | -39.84 | -40.48 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 72.6 |
|---|---|
| Beta | 0.611 |
| Diluted Shares Outstanding | 5.93 |
| Cost of Debt | |
| Tax Rate | 5.88 |
| After-tax Cost of Debt | 1.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.574 |
| Total Debt | 663.51 |
| Total Equity | 430.27 |
| Total Capital | 1,093.78 |
| Debt Weighting | 60.66 |
| Equity Weighting | 39.34 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 62.20 | 60.64 | 61.80 | 71.01 | 65.42 | 66.48 | 67.54 | 68.63 | 69.74 | 70.86 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 41.53 | 56.07 | 45.83 | 58.59 | 16.31 | 45.31 | 46.04 | 46.78 | 47.53 | 48.30 |
| EBIT | 41.38 | 55.97 | 45.75 | 58.48 | 16.16 | 45.19 | 45.92 | 46.66 | 47.41 | 48.17 |
| Tax Rate | 7.68% | 1.26% | 0.83% | 1.00% | 5.88% | 3.33% | 3.33% | 3.33% | 3.33% | 3.33% |
| EBIAT | 38.21 | 55.27 | 45.37 | 57.89 | 15.21 | 43.69 | 44.39 | 45.10 | 45.83 | 46.57 |
| Depreciation | 0.14 | 0.10 | 0.08 | 0.11 | 0.15 | 0.12 | 0.12 | 0.12 | 0.12 | 0.13 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.36 | 1.78 | -0.19 | -0.54 | 0.43 | 0.24 | 0.24 | 0.25 | 0.25 |
| Capital Expenditure | 11.87 | -9.45 | -122.44 | -63.85 | -0.74 | -37.98 | -38.59 | -39.21 | -39.84 | -40.48 |
| UFCF | 50.22 | 45.56 | -75.22 | -6.03 | 14.08 | 6.26 | 6.16 | 6.26 | 6.36 | 6.46 |
| WACC | ||||||||||
| PV UFCF | 6.06 | 5.77 | 5.68 | 5.59 | 5.50 | |||||
| SUM PV UFCF | 28.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.28 |
| Free cash flow (t + 1) | 6.59 |
| Terminal Value | 514.81 |
| Present Value of Terminal Value | 438.09 |
Intrinsic Value
| Enterprise Value | 466.69 |
|---|---|
| Net Debt | 660.76 |
| Equity Value | -194.08 |
| Shares Outstanding | 5.93 |
| Equity Value Per Share | -32.75 |