Discounted Cash Flow (DCF) Analysis Unlevered

Lingotes Especiales, S.A. (LGT.MC)

6.32 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.18 | 6.32 | overvalue

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 103.86114.90114.3990.8885.5182.0478.7075.5072.4369.48
Revenue (%)
EBITDA 17.1017.9217.3213.013.3610.7410.309.889.489.09
EBITDA (%)
EBIT 12.1312.4511.718.30-1.716.546.286.025.785.54
EBIT (%)
Depreciation 4.975.475.624.715.074.194.023.863.703.55
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 5.146.086.2014.861.995.635.415.194.974.77
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 8.9811.969.7111.237.778.047.717.407.106.81
Inventories (%)
Accounts Payable 21.5518.9021.242017.2316.0615.4114.7814.1813.61
Accounts Payable (%)
Capital Expenditure -10.01-11.47-7.51-5.91-6.29-6.57-6.30-6.05-5.80-5.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.32
Beta 1.238
Diluted Shares Outstanding 10
Cost of Debt
Tax Rate 27.09
After-tax Cost of Debt 1.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.534
Total Debt 22.07
Total Equity 63.20
Total Capital 85.27
Debt Weighting 25.89
Equity Weighting 74.11
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 103.86114.90114.3990.8885.5182.0478.7075.5072.4369.48
EBITDA 17.1017.9217.3213.013.3610.7410.309.889.489.09
EBIT 12.1312.4511.718.30-1.716.546.286.025.785.54
Tax Rate 25.06%24.72%23.65%25.69%27.09%25.24%25.24%25.24%25.24%25.24%
EBIAT 9.099.378.946.17-1.254.894.694.504.324.14
Depreciation 4.975.475.624.715.074.194.023.863.703.55
Accounts Receivable ----------
Inventories --2.992.25-1.523.47-0.270.330.310.300.29
Accounts Payable --2.662.34-1.24-2.77-1.16-0.65-0.63-0.60-0.58
Capital Expenditure -10.01-11.47-7.51-5.91-6.29-6.57-6.30-6.05-5.80-5.56
UFCF 4.05-2.2711.632.21-1.781.082.0921.921.84
WACC
PV UFCF 1.011.811.621.451.29
SUM PV UFCF 7.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.34
Free cash flow (t + 1) 1.88
Terminal Value 35.21
Present Value of Terminal Value 24.71

Intrinsic Value

Enterprise Value 31.89
Net Debt 20.09
Equity Value 11.80
Shares Outstanding 10
Equity Value Per Share 1.18