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 |