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
Stock DCF: -32.75 | 72.6 | overvalue

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 62.2060.6461.8071.0165.4266.4867.5468.6369.7470.86
Revenue (%)
EBITDA 41.5356.0745.8358.5916.3145.3146.0446.7847.5348.30
EBITDA (%)
EBIT 41.3855.9745.7558.4816.1645.1945.9246.6647.4148.17
EBIT (%)
Depreciation 0.140.100.080.110.150.120.120.120.120.13
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 20.775.707.405.012.748.788.929.069.219.36
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 13.6913.3415.1214.9314.3914.8215.0615.3015.5515.80
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 62.2060.6461.8071.0165.4266.4867.5468.6369.7470.86
EBITDA 41.5356.0745.8358.5916.3145.3146.0446.7847.5348.30
EBIT 41.3855.9745.7558.4816.1645.1945.9246.6647.4148.17
Tax Rate 7.68%1.26%0.83%1.00%5.88%3.33%3.33%3.33%3.33%3.33%
EBIAT 38.2155.2745.3757.8915.2143.6944.3945.1045.8346.57
Depreciation 0.140.100.080.110.150.120.120.120.120.13
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.361.78-0.19-0.540.430.240.240.250.25
Capital Expenditure 11.87-9.45-122.44-63.85-0.74-37.98-38.59-39.21-39.84-40.48
UFCF 50.2245.56-75.22-6.0314.086.266.166.266.366.46
WACC
PV UFCF 6.065.775.685.595.50
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