Discounted Cash Flow (DCF) Analysis Unlevered

Ordina N.V. (ORDI.AS)

4.28 €

-0.02 (-0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.63 | 4.28 | 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 344.89358.52372.26369.23394.47408.09422.17436.75451.82467.42
Revenue (%)
EBITDA 14.1518.4836.5546.1249.8936.0937.3338.6239.9541.33
EBITDA (%)
EBIT 6.5414.3621.8230.9935.4523.7924.6125.4626.3327.24
EBIT (%)
Depreciation 7.614.1214.7315.1314.4412.3012.7213.1613.6214.09
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 10.8918.4924.6544.4143.6031.0332.1033.2134.3535.54
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 20.4521.5219.1811.7110.7118.7519.4020.0620.7621.47
Accounts Payable (%)
Capital Expenditure -3.46-2.85-2.76-2.48-4.99-3.65-3.78-3.91-4.04-4.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.28
Beta 1.208
Diluted Shares Outstanding 94.54
Cost of Debt
Tax Rate 28.60
After-tax Cost of Debt 2.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.526
Total Debt 34.52
Total Equity 404.63
Total Capital 439.15
Debt Weighting 7.86
Equity Weighting 92.14
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 344.89358.52372.26369.23394.47408.09422.17436.75451.82467.42
EBITDA 14.1518.4836.5546.1249.8936.0937.3338.6239.9541.33
EBIT 6.5414.3621.8230.9935.4523.7924.6125.4626.3327.24
Tax Rate 51.84%51.93%28.51%25.65%28.60%37.31%37.31%37.31%37.31%37.31%
EBIAT 3.156.9115.6023.0425.3114.9115.4315.9616.5117.08
Depreciation 7.614.1214.7315.1314.4412.3012.7213.1613.6214.09
Accounts Receivable ----------
Inventories ----------
Accounts Payable -1.07-2.34-7.47-1.018.040.650.670.690.72
Capital Expenditure -3.46-2.85-2.76-2.48-4.99-3.65-3.78-3.91-4.04-4.18
UFCF 7.309.2525.2328.2333.7631.6125.0225.8926.7827.70
WACC
PV UFCF 29.2621.4420.5419.6718.84
SUM PV UFCF 109.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.02
Free cash flow (t + 1) 28.26
Terminal Value 469.40
Present Value of Terminal Value 319.17

Intrinsic Value

Enterprise Value 428.92
Net Debt -9.08
Equity Value 438
Shares Outstanding 94.54
Equity Value Per Share 4.63