Discounted Cash Flow (DCF) Analysis Unlevered

Signify N.V. (LIGHT.AS)

26.95 €

+0.05 (+0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 80.08 | 26.95 | 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 6,9656,3576,2476,5026,8606,845.056,830.136,815.246,800.396,785.57
Revenue (%)
EBITDA 738644686738838756.70755.05753.41751.77750.13
EBITDA (%)
EBIT 452413398406526455.46454.47453.48452.49451.50
EBIT (%)
Depreciation 286231288332312301.24300.59299.93299.28298.63
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 9797128471,032852918.70916.69914.70912.70910.71
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 9248788748851,4101,029.961,027.711,025.471,023.241,021.01
Inventories (%)
Accounts Payable 1,0019531,0471,0891,6111,182.221,179.641,177.071,174.511,171.95
Accounts Payable (%)
Capital Expenditure -96-83-87-99-118-100.20-99.98-99.77-99.55-99.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.95
Beta 1.137
Diluted Shares Outstanding 128.65
Cost of Debt
Tax Rate 18.98
After-tax Cost of Debt 1.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.127
Total Debt 2,008
Total Equity 3,467.01
Total Capital 5,475.01
Debt Weighting 36.68
Equity Weighting 63.32
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 6,9656,3576,2476,5026,8606,845.056,830.136,815.246,800.396,785.57
EBITDA 738644686738838756.70755.05753.41751.77750.13
EBIT 452413398406526455.46454.47453.48452.49451.50
Tax Rate 26.13%28.34%27.22%10.22%18.98%22.18%22.18%22.18%22.18%22.18%
EBIAT 333.89295.96289.66364.50426.17354.45353.67352.90352.13351.37
Depreciation 286231288332312301.24300.59299.93299.28298.63
Accounts Receivable ----------
Inventories -464-11-525380.042.242.242.232.23
Accounts Payable --489442522-428.78-2.58-2.57-2.57-2.56
Capital Expenditure -96-83-87-99-118-100.20-99.98-99.77-99.55-99.33
UFCF 523.89441.96588.66628.50617.17506.75553.94552.74551.53550.33
WACC
PV UFCF 476488.76458.10429.36402.43
SUM PV UFCF 2,254.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.46
Free cash flow (t + 1) 561.34
Terminal Value 12,586.04
Present Value of Terminal Value 9,203.58

Intrinsic Value

Enterprise Value 11,458.24
Net Debt 1,156
Equity Value 10,302.24
Shares Outstanding 128.65
Equity Value Per Share 80.08