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
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 | 5.43 | 6.20 | 7.82 | 3.91 | 4.94 | 5.14 | 5.35 | 5.57 | 5.81 | 6.05 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 0.73 | 5.43 | 2.09 | 0.25 | 1.44 | 1.68 | 1.75 | 1.82 | 1.90 | 1.97 |
EBITDA (%) | ||||||||||
EBIT | -0.13 | 4.82 | 1.26 | -0.53 | 0.70 | 0.95 | 0.99 | 1.03 | 1.07 | 1.11 |
EBIT (%) | ||||||||||
Depreciation | 0.87 | 0.61 | 0.82 | 0.77 | 0.74 | 0.73 | 0.76 | 0.79 | 0.83 | 0.86 |
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 | 0.07 | 4.28 | 1.03 | 3.79 | 4.03 | 2.69 | 2.81 | 2.92 | 3.04 | 3.17 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 0.55 | 0.46 | 0.86 | 0.61 | 0.65 | 0.59 | 0.61 | 0.64 | 0.67 | 0.69 |
Account Receivables (%) | ||||||||||
Inventories | 2.09 | 2.32 | 2.23 | 1.85 | 1.70 | 1.92 | 2 | 2.08 | 2.16 | 2.25 |
Inventories (%) | ||||||||||
Accounts Payable | 0.36 | 0.45 | 0.48 | 0.22 | 0.62 | 0.39 | 0.41 | 0.42 | 0.44 | 0.46 |
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 | 5.43 | 6.20 | 7.82 | 3.91 | 4.94 | 5.14 | 5.35 | 5.57 | 5.81 | 6.05 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 0.73 | 5.43 | 2.09 | 0.25 | 1.44 | 1.68 | 1.75 | 1.82 | 1.90 | 1.97 |
EBIT | -0.13 | 4.82 | 1.26 | -0.53 | 0.70 | 0.95 | 0.99 | 1.03 | 1.07 | 1.11 |
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 | -106.06 | 0.93 | -1.60 | 0.83 | -3.19 | -3.32 | -3.46 | -3.60 | -3.75 |
Depreciation | 0.87 | 0.61 | 0.82 | 0.77 | 0.74 | 0.73 | 0.76 | 0.79 | 0.83 | 0.86 |
Accounts Receivable | - | 0.09 | -0.40 | 0.26 | -0.04 | 0.06 | -0.02 | -0.03 | -0.03 | -0.03 |
Inventories | - | -0.23 | 0.09 | 0.38 | 0.15 | -0.21 | -0.08 | -0.08 | -0.09 | -0.09 |
Accounts Payable | - | 0.09 | 0.03 | -0.26 | 0.40 | -0.23 | 0.02 | 0.02 | 0.02 | 0.02 |
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 | -106.40 | 0.91 | -0.59 | 1.26 | -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 |