Discounted Cash Flow (DCF) Analysis Unlevered

Nomad Foods Limited (NOMD)

$21.4

+0.30 (+1.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.51 | 21.4 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,956.602,172.802,324.302,515.902,736.172,975.733,236.263,519.613,827.764,162.88
Revenue (%)
EBITDA 269.70343.40361.80429.90425.76463.04503.58547.67595.62647.76
EBITDA (%)
EBIT 227.30297.10293.50362.30354.16388.41422.41459.39499.62543.36
EBIT (%)
Depreciation 42.4046.3068.3067.6071.6074.6381.1788.2796104.41
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 219327.50851418.10254.20528.42574.68624.99679.71739.22
Total Cash (%)
Account Receivables 137164.70198.70175.80234.60230.28250.44272.36296.21322.14
Account Receivables (%)
Inventories 306.90342.50323.20343.20410.60440.42478.98520.91566.52616.12
Inventories (%)
Accounts Payable 328.90400.60365.90453.40692561.23610.37663.81721.93785.13
Accounts Payable (%)
Capital Expenditure -42.60-41.60-47.30-58.70-79.20-67.58-73.49-79.93-86.92-94.54
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.4
Beta 0.721
Diluted Shares Outstanding 194
Cost of Debt
Tax Rate 23.54
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.148
Total Debt 2,227.40
Total Equity 4,151.60
Total Capital 6,379
Debt Weighting 34.92
Equity Weighting 65.08
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1,956.602,172.802,324.302,515.902,736.172,975.733,236.263,519.613,827.764,162.88
EBITDA 269.70343.40361.80429.90425.76463.04503.58547.67595.62647.76
EBIT 227.30297.10293.50362.30354.16388.41422.41459.39499.62543.36
Tax Rate 18.99%24.61%26.77%23.79%23.54%23.54%23.54%23.54%23.54%23.54%
EBIAT 184.13223.97214.93276.11270.79296.97322.97351.24382415.44
Depreciation 42.4046.3068.3067.6071.6074.6381.1788.2796104.41
Accounts Receivable --27.70-3422.90-58.804.32-20.16-21.93-23.85-25.93
Inventories --35.6019.30-20-67.40-29.82-38.56-41.94-45.61-49.60
Accounts Payable -71.70-34.7087.50238.60-130.7749.1453.4458.1263.21
Capital Expenditure -42.60-41.60-47.30-58.70-79.20-67.58-73.49-79.93-86.92-94.54
UFCF 183.93237.07186.53375.41375.59147.76321.06349.17379.74412.99
WACC
PV UFCF 375.59140.27289.33298.71308.40318.40
SUM PV UFCF 1,355.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.34
Free cash flow (t + 1) 421.24
Terminal Value 12,612.12
Present Value of Terminal Value 9,723.48

Intrinsic Value

Enterprise Value 11,078.59
Net Debt 1,973.20
Equity Value 9,105.39
Shares Outstanding 194
Equity Value Per Share 46.93