Discounted Cash Flow (DCF) Analysis Unlevered

B.V. Delftsch Aardewerkfabriek "De ... (PORF.AS)

13.5 €

+0.50 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -447.87 | 13.5 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.207.823.914.947.107.928.849.8711.0112.28
Revenue (%)
EBITDA 0.482.340.961.481.831.872.092.332.602.90
EBITDA (%)
EBIT -0.141.520.180.751.030.820.911.021.131.27
EBIT (%)
Depreciation 0.610.820.770.740.801.051.181.311.461.63
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 4.291.033.794.031.264.424.935.506.146.85
Total Cash (%)
Account Receivables 0.460.580.290.370.530.590.660.730.820.91
Account Receivables (%)
Inventories 2.322.231.851.701.732.733.053.403.794.23
Inventories (%)
Accounts Payable 0.450.480.220.620.950.710.790.890.991.10
Accounts Payable (%)
Capital Expenditure -0.90-0.57-0.13-0.80-2.67-1.26-1.40-1.56-1.74-1.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.5
Beta 0.226
Diluted Shares Outstanding 0.96
Cost of Debt
Tax Rate 27.22
After-tax Cost of Debt 1.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.641
Total Debt 17.30
Total Equity 12.90
Total Capital 30.20
Debt Weighting 57.28
Equity Weighting 42.72
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 6.207.823.914.947.107.928.849.8711.0112.28
EBITDA 0.482.340.961.481.831.872.092.332.602.90
EBIT -0.141.520.180.751.030.820.911.021.131.27
Tax Rate 2,302.23%26.39%17.46%-17.84%27.22%471.09%471.09%471.09%471.09%471.09%
EBIAT 3.021.120.150.880.75-3.03-3.38-3.77-4.21-4.70
Depreciation 0.610.820.770.740.801.051.181.311.461.63
Accounts Receivable --0.120.29-0.08-0.16-0.06-0.07-0.08-0.09-0.09
Inventories -0.090.380.15-0.03-1-0.32-0.35-0.39-0.44
Accounts Payable -0.03-0.260.400.33-0.240.080.090.100.11
Capital Expenditure -0.90-0.57-0.13-0.81-2.67-1.26-1.40-1.56-1.74-1.95
UFCF 2.731.371.201.28-0.98-4.53-3.91-4.36-4.87-5.43
WACC
PV UFCF -4.39-3.67-3.97-4.29-4.64
SUM PV UFCF -20.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.21
Free cash flow (t + 1) -5.54
Terminal Value -457.90
Present Value of Terminal Value -390.99

Intrinsic Value

Enterprise Value -411.95
Net Debt 16.03
Equity Value -427.98
Shares Outstanding 0.96
Equity Value Per Share -447.87