Discounted Cash Flow (DCF) Analysis Unlevered

Ramada Investimentos e Industria, S... (RAM.LS)

6.56 €

-0.04 (-0.61%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.12 | 6.56 | undervalue

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 127.42114.03102.70142.78193.69219.95249.77283.64322.10365.77
Revenue (%)
EBITDA 18.8115.0115.5323.6131.8633.4537.9843.1348.9855.62
EBITDA (%)
EBIT 13.5610.3111.3017.7223.8724.3827.6831.4435.7040.54
EBIT (%)
Depreciation 5.254.704.235.897.999.0710.3011.7013.2815.08
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 74.9853.6454.4754.5628.5593.20105.84120.19136.49154.99
Total Cash (%)
Account Receivables 36.2540.2736.6751.3853.6271.7681.4992.54105.09119.34
Account Receivables (%)
Inventories 28.6020.6418.7929.3035.1942.9148.7355.3362.8371.35
Inventories (%)
Accounts Payable 16.3215.9924.0943.4734.2943.3049.1755.8463.4172.01
Accounts Payable (%)
Capital Expenditure -4.31-2.54-1-5.41-4.35-5.55-6.30-7.16-8.13-9.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.56
Beta 0.935
Diluted Shares Outstanding 25.48
Cost of Debt
Tax Rate 19.94
After-tax Cost of Debt 3.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.698
Total Debt 54.77
Total Equity 167.16
Total Capital 221.93
Debt Weighting 24.68
Equity Weighting 75.32
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 127.42114.03102.70142.78193.69219.95249.77283.64322.10365.77
EBITDA 18.8115.0115.5323.6131.8633.4537.9843.1348.9855.62
EBIT 13.5610.3111.3017.7223.8724.3827.6831.4435.7040.54
Tax Rate -480.35%24.11%19.61%17.70%19.94%-79.80%-79.80%-79.80%-79.80%-79.80%
EBIAT 78.687.839.0814.5919.1143.8349.7856.5364.1972.89
Depreciation 5.254.704.235.897.999.0710.3011.7013.2815.08
Accounts Receivable --4.013.60-14.71-2.25-18.14-9.73-11.05-12.55-14.25
Inventories -7.961.85-10.51-5.88-7.72-5.82-6.61-7.50-8.52
Accounts Payable --0.328.0919.39-9.189.015.876.677.578.60
Capital Expenditure -4.31-2.54-1-5.41-4.35-5.55-6.30-7.16-8.13-9.23
UFCF 79.6313.6125.869.245.4430.5044.1050.0756.8664.57
WACC
PV UFCF 28.4038.2340.4242.7445.19
SUM PV UFCF 194.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.40
Free cash flow (t + 1) 65.87
Terminal Value 1,219.73
Present Value of Terminal Value 853.58

Intrinsic Value

Enterprise Value 1,048.55
Net Debt 26.22
Equity Value 1,022.33
Shares Outstanding 25.48
Equity Value Per Share 40.12