Discounted Cash Flow (DCF) Analysis Unlevered

Marel hf. (MAREL.AS)

2.87 €

-0.11 (-3.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.48 | 2.87 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,197.901,283.701,237.801,360.801,708.701,875.682,058.982,260.192,481.072,723.53
Revenue (%)
EBITDA 211.50210.10200.80195.60176.30281.11308.59338.74371.85408.18
EBITDA (%)
EBIT 156.90152.4013812794.70191.30209.99230.51253.04277.77
EBIT (%)
Depreciation 54.6057.7062.8068.6081.6089.8298.60108.23118.81130.42
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 56.30303.7078.6077.1075.70168.08184.50202.53222.32244.05
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 149.90166.80199.90273.40403.60320.25351.54385.90423.61465.01
Inventories (%)
Accounts Payable 217200.50222.70117.10129.10254.67279.55306.87336.86369.78
Accounts Payable (%)
Capital Expenditure -57-37.90-54.60-70.90-88.40-84.43-92.68-101.73-111.68-122.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.87
Beta 0.368
Diluted Shares Outstanding 752.70
Cost of Debt
Tax Rate 21.84
After-tax Cost of Debt 1.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.450
Total Debt 892.40
Total Equity 2,160.25
Total Capital 3,052.65
Debt Weighting 29.23
Equity Weighting 70.77
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,197.901,283.701,237.801,360.801,708.701,875.682,058.982,260.192,481.072,723.53
EBITDA 211.50210.10200.80195.60176.30281.11308.59338.74371.85408.18
EBIT 156.90152.4013812794.70191.30209.99230.51253.04277.77
Tax Rate 16.16%22.43%22.11%19.80%21.84%20.47%20.47%20.47%20.47%20.47%
EBIAT 131.54118.22107.48101.8574.02152.14167.01183.33201.25220.91
Depreciation 54.6057.7062.8068.6081.6089.8298.60108.23118.81130.42
Accounts Receivable ----------
Inventories --16.90-33.10-73.50-130.2083.35-31.30-34.35-37.71-41.40
Accounts Payable --16.5022.20-105.6012125.5724.8927.3229.9932.92
Capital Expenditure -57-37.90-54.60-70.90-88.40-84.43-92.68-101.73-111.68-122.59
UFCF 129.14104.62104.78-79.55-50.98366.45166.52182.79200.66220.26
WACC
PV UFCF 351.14152.90160.83169.17177.94
SUM PV UFCF 1,011.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.36
Free cash flow (t + 1) 224.67
Terminal Value 9,519.91
Present Value of Terminal Value 7,690.64

Intrinsic Value

Enterprise Value 8,702.61
Net Debt 816.70
Equity Value 7,885.91
Shares Outstanding 752.70
Equity Value Per Share 10.48