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
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 | 6.20 | 7.82 | 3.91 | 4.94 | 7.10 | 7.92 | 8.84 | 9.87 | 11.01 | 12.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.48 | 2.34 | 0.96 | 1.48 | 1.83 | 1.87 | 2.09 | 2.33 | 2.60 | 2.90 |
| EBITDA (%) | ||||||||||
| EBIT | -0.14 | 1.52 | 0.18 | 0.75 | 1.03 | 0.82 | 0.91 | 1.02 | 1.13 | 1.27 |
| EBIT (%) | ||||||||||
| Depreciation | 0.61 | 0.82 | 0.77 | 0.74 | 0.80 | 1.05 | 1.18 | 1.31 | 1.46 | 1.63 |
| 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 | 4.29 | 1.03 | 3.79 | 4.03 | 1.26 | 4.42 | 4.93 | 5.50 | 6.14 | 6.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.46 | 0.58 | 0.29 | 0.37 | 0.53 | 0.59 | 0.66 | 0.73 | 0.82 | 0.91 |
| Account Receivables (%) | ||||||||||
| Inventories | 2.32 | 2.23 | 1.85 | 1.70 | 1.73 | 2.73 | 3.05 | 3.40 | 3.79 | 4.23 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.45 | 0.48 | 0.22 | 0.62 | 0.95 | 0.71 | 0.79 | 0.89 | 0.99 | 1.10 |
| 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 | 6.20 | 7.82 | 3.91 | 4.94 | 7.10 | 7.92 | 8.84 | 9.87 | 11.01 | 12.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.48 | 2.34 | 0.96 | 1.48 | 1.83 | 1.87 | 2.09 | 2.33 | 2.60 | 2.90 |
| EBIT | -0.14 | 1.52 | 0.18 | 0.75 | 1.03 | 0.82 | 0.91 | 1.02 | 1.13 | 1.27 |
| Tax Rate | 2,302.23% | 26.39% | 17.46% | -17.84% | 27.22% | 471.09% | 471.09% | 471.09% | 471.09% | 471.09% |
| EBIAT | 3.02 | 1.12 | 0.15 | 0.88 | 0.75 | -3.03 | -3.38 | -3.77 | -4.21 | -4.70 |
| Depreciation | 0.61 | 0.82 | 0.77 | 0.74 | 0.80 | 1.05 | 1.18 | 1.31 | 1.46 | 1.63 |
| Accounts Receivable | - | -0.12 | 0.29 | -0.08 | -0.16 | -0.06 | -0.07 | -0.08 | -0.09 | -0.09 |
| Inventories | - | 0.09 | 0.38 | 0.15 | -0.03 | -1 | -0.32 | -0.35 | -0.39 | -0.44 |
| Accounts Payable | - | 0.03 | -0.26 | 0.40 | 0.33 | -0.24 | 0.08 | 0.09 | 0.10 | 0.11 |
| Capital Expenditure | -0.90 | -0.57 | -0.13 | -0.81 | -2.67 | -1.26 | -1.40 | -1.56 | -1.74 | -1.95 |
| UFCF | 2.73 | 1.37 | 1.20 | 1.28 | -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 |