Discounted Cash Flow (DCF) Analysis Unlevered

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

11.5 €

+0.50 (+4.55%)
All numbers are in Millions, Currency in USD
Stock DCF: -366.65 | 11.5 | 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 5.436.207.823.914.945.145.355.575.816.05
Revenue (%)
EBITDA 0.735.432.090.251.441.681.751.821.901.97
EBITDA (%)
EBIT -0.134.821.26-0.530.700.950.991.031.071.11
EBIT (%)
Depreciation 0.870.610.820.770.740.730.760.790.830.86
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 0.074.281.033.794.032.692.812.923.043.17
Total Cash (%)
Account Receivables 0.550.460.860.610.650.590.610.640.670.69
Account Receivables (%)
Inventories 2.092.322.231.851.701.9222.082.162.25
Inventories (%)
Accounts Payable 0.360.450.480.220.620.390.410.420.440.46
Accounts Payable (%)
Capital Expenditure -0.96-0.90-0.57-0.13-0.80-0.61-0.63-0.66-0.69-0.71
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.5
Beta 0.208
Diluted Shares Outstanding 0.96
Cost of Debt
Tax Rate -17.84
After-tax Cost of Debt 1.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.684
Total Debt 15.88
Total Equity 10.99
Total Capital 26.87
Debt Weighting 59.10
Equity Weighting 40.90
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 5.436.207.823.914.945.145.355.575.816.05
EBITDA 0.735.432.090.251.441.681.751.821.901.97
EBIT -0.134.821.26-0.530.700.950.991.031.071.11
Tax Rate 76.42%2,302.23%26.39%-204.76%-17.84%436.49%436.49%436.49%436.49%436.49%
EBIAT -0.03-106.060.93-1.600.83-3.19-3.32-3.46-3.60-3.75
Depreciation 0.870.610.820.770.740.730.760.790.830.86
Accounts Receivable -0.09-0.400.26-0.040.06-0.02-0.03-0.03-0.03
Inventories --0.230.090.380.15-0.21-0.08-0.08-0.09-0.09
Accounts Payable -0.090.03-0.260.40-0.230.020.020.020.02
Capital Expenditure -0.96-0.90-0.57-0.13-0.81-0.61-0.63-0.66-0.69-0.71
UFCF -0.12-106.400.91-0.591.26-3.45-3.28-3.42-3.56-3.70
WACC
PV UFCF -3.34-3.09-3.13-3.16-3.19
SUM PV UFCF -15.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.01
Free cash flow (t + 1) -3.78
Terminal Value -374.16
Present Value of Terminal Value -322.60

Intrinsic Value

Enterprise Value -338.51
Net Debt 11.85
Equity Value -350.36
Shares Outstanding 0.96
Equity Value Per Share -366.65