Discounted Cash Flow (DCF) Analysis Unlevered

Novabase S.G.P.S., S.A. (NBA.LS)

4.25 €

-0.10 (-2.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.86 | 4.25 | 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 139.72148.72120.25125.08138.79139.58140.37141.17141.97142.77
Revenue (%)
EBITDA 10.109.3826.3014.6713.1515.8115.9015.9916.0816.17
EBITDA (%)
EBIT 6.896.4421.5910.319.1011.7311.8011.8611.9312
EBIT (%)
Depreciation 3.212.944.724.364.054.074.104.124.144.17
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 63.4964.8151.5571.9368.4366.6367.0167.3967.7768.16
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.050.030.030.010.010.030.030.030.030.03
Inventories (%)
Accounts Payable 5.625.478.225.624.516.226.256.296.326.36
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 $ 4.25
Beta 0.398
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 5.46
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.707
Total Debt 22
Total Equity 339.44
Total Capital 361.44
Debt Weighting 6.09
Equity Weighting 93.91
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 139.72148.72120.25125.08138.79139.58140.37141.17141.97142.77
EBITDA 10.109.3826.3014.6713.1515.8115.9015.9916.0816.17
EBIT 6.896.4421.5910.319.1011.7311.8011.8611.9312
Tax Rate 38.97%22.52%-81.72%-30.67%5.46%-9.09%-9.09%-9.09%-9.09%-9.09%
EBIAT 4.214.9939.2313.488.6112.8012.8712.9413.0213.09
Depreciation 3.212.944.724.364.054.074.104.124.144.17
Accounts Receivable ----------
Inventories -0.01-00.020-0.02-0-0-0-0
Accounts Payable --0.152.75-2.59-1.111.710.040.040.040.04
Capital Expenditure -1.04-1.10-2.12-0.92-0.86-1.29-1.29-1.30-1.31-1.31
UFCF 6.376.6944.5714.3510.6917.2815.7115.8015.8915.98
WACC
PV UFCF 16.3714.1113.4412.8112.21
SUM PV UFCF 68.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.53
Free cash flow (t + 1) 16.30
Terminal Value 461.73
Present Value of Terminal Value 352.79

Intrinsic Value

Enterprise Value 421.73
Net Debt -46.43
Equity Value 468.16
Shares Outstanding 79.87
Equity Value Per Share 5.86