Discounted Cash Flow (DCF) Analysis Unlevered

NOS, S.G.P.S., S.A. (NOS.LS)

3.476 €

-0.01 (-0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.83 | 3.476 | overvalue

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 1,561.781,576.161,599.231,367.891,430.301,403.411,377.031,351.151,325.751,300.83
Revenue (%)
EBITDA 589.29479.25436.01444.18514.72459.93451.28442.80434.48426.31
EBITDA (%)
EBIT -----459.93451.28442.80434.48426.31
EBIT (%)
Depreciation ----------
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 2.982.1812.82143.492.5033.1132.4831.8731.2730.69
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 32.0438.8834.0843.6344.0136.2535.5734.9034.2533.60
Inventories (%)
Accounts Payable 222.84252.64257.82252.61279.14236.90232.45228.08223.79219.59
Accounts Payable (%)
Capital Expenditure -386.36-452.12-438.06-475.84-677.30-457.39-448.79-440.35-432.08-423.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.476
Beta 0.679
Diluted Shares Outstanding 512.50
Cost of Debt
Tax Rate 7.37
After-tax Cost of Debt 2.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.029
Total Debt 1,576.61
Total Equity 1,781.46
Total Capital 3,358.07
Debt Weighting 46.95
Equity Weighting 53.05
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 1,561.781,576.161,599.231,367.891,430.301,403.411,377.031,351.151,325.751,300.83
EBITDA 589.29479.25436.01444.18514.72459.93451.28442.80434.48426.31
EBIT -----459.93451.28442.80434.48426.31
Tax Rate 12.43%16.91%18.49%9.43%7.37%12.92%12.92%12.92%12.92%12.92%
EBIAT -----400.48392.95385.57378.32371.21
Depreciation ----------
Accounts Receivable ----------
Inventories --6.844.80-9.55-0.397.760.680.670.660.64
Accounts Payable -29.805.18-5.2226.53-42.24-4.45-4.37-4.29-4.21
Capital Expenditure -386.36-452.12-438.06-475.84-677.30-457.39-448.79-440.35-432.08-423.95
UFCF ------91.38-59.61-58.49-57.39-56.31
WACC
PV UFCF -87.22-54.30-50.86-47.63-44.61
SUM PV UFCF -284.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.77
Free cash flow (t + 1) -57.43
Terminal Value -2,073.46
Present Value of Terminal Value -1,642.52

Intrinsic Value

Enterprise Value -1,927.14
Net Debt 1,574.11
Equity Value -3,501.25
Shares Outstanding 512.50
Equity Value Per Share -6.83