Discounted Cash Flow (DCF) Analysis Unlevered
Novabase S.G.P.S., S.A. (NBA.LS)
4.83 €
+0.01 (+0.21%)
All numbers are in Millions, Currency in USD
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 | 139.72 | 148.72 | 120.25 | 125.08 | 138.79 | 139.58 | 140.37 | 141.17 | 141.97 | 142.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 10.10 | 9.38 | 26.30 | 14.67 | 13.15 | 15.81 | 15.90 | 15.99 | 16.08 | 16.17 |
| EBITDA (%) | ||||||||||
| EBIT | 6.89 | 6.44 | 21.59 | 10.31 | 9.10 | 11.73 | 11.80 | 11.86 | 11.93 | 12 |
| EBIT (%) | ||||||||||
| Depreciation | 3.21 | 2.94 | 4.72 | 4.36 | 4.05 | 4.07 | 4.10 | 4.12 | 4.14 | 4.17 |
| 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 | 63.49 | 64.81 | 51.55 | 71.93 | 68.43 | 66.63 | 67.01 | 67.39 | 67.77 | 68.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 45.29 | 40.26 | 36.40 | 35.32 | 37.77 | 40.54 | 40.77 | 41 | 41.23 | 41.46 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.05 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.62 | 5.47 | 8.22 | 5.62 | 4.51 | 6.22 | 6.25 | 6.29 | 6.32 | 6.36 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.05 | -1.10 | -2.12 | -0.92 | -0.86 | -1.29 | -1.29 | -1.30 | -1.31 | -1.31 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.83 |
|---|---|
| Beta | 0.289 |
| Diluted Shares Outstanding | 70.82 |
| Cost of Debt | |
| Tax Rate | 5.46 |
| After-tax Cost of Debt | 2.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.055 |
| Total Debt | 22 |
| Total Equity | 342.04 |
| Total Capital | 364.04 |
| Debt Weighting | 6.04 |
| Equity Weighting | 93.96 |
| 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 | 139.72 | 148.72 | 120.25 | 125.08 | 138.79 | 139.58 | 140.37 | 141.17 | 141.97 | 142.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 10.10 | 9.38 | 26.30 | 14.67 | 13.15 | 15.81 | 15.90 | 15.99 | 16.08 | 16.17 |
| EBIT | 6.89 | 6.44 | 21.59 | 10.31 | 9.10 | 11.73 | 11.80 | 11.86 | 11.93 | 12 |
| Tax Rate | 38.97% | 22.52% | -81.72% | -30.67% | 5.46% | -9.09% | -9.09% | -9.09% | -9.09% | -9.09% |
| EBIAT | 4.21 | 4.99 | 39.23 | 13.48 | 8.61 | 12.80 | 12.87 | 12.94 | 13.02 | 13.09 |
| Depreciation | 3.21 | 2.94 | 4.72 | 4.36 | 4.05 | 4.07 | 4.10 | 4.12 | 4.14 | 4.17 |
| Accounts Receivable | - | 5.02 | 3.86 | 1.08 | -2.44 | -2.77 | -0.23 | -0.23 | -0.23 | -0.23 |
| Inventories | - | 0.01 | -0 | 0.02 | 0 | -0.02 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | -0.15 | 2.75 | -2.59 | -1.11 | 1.71 | 0.04 | 0.04 | 0.04 | 0.04 |
| Capital Expenditure | -1.04 | -1.10 | -2.12 | -0.92 | -0.86 | -1.29 | -1.29 | -1.30 | -1.31 | -1.31 |
| UFCF | 6.37 | 11.72 | 48.43 | 15.43 | 8.25 | 14.51 | 15.48 | 15.57 | 15.66 | 15.75 |
| WACC | ||||||||||
| PV UFCF | 13.83 | 14.07 | 13.48 | 12.92 | 12.39 | |||||
| SUM PV UFCF | 66.69 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.91 |
| Free cash flow (t + 1) | 16.06 |
| Terminal Value | 551.90 |
| Present Value of Terminal Value | 434.29 |
Intrinsic Value
| Enterprise Value | 500.98 |
|---|---|
| Net Debt | -46.43 |
| Equity Value | 547.41 |
| Shares Outstanding | 70.82 |
| Equity Value Per Share | 7.73 |