Discounted Cash Flow (DCF) Analysis Unlevered

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

6.38 €

-0.06 (-0.93%)

All numbers are in Millions, Currency in USD

Stock DCF: 37.92 | 6.38 | 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	127.42	114.03	102.70	142.78	193.69	219.95	249.77	283.64	322.10	365.77
Revenue (%)
EBITDA	18.81	15.01	15.53	23.61	31.86	33.45	37.98	43.13	48.98	55.62
EBITDA (%)
EBIT	13.56	10.31	11.30	17.72	23.87	24.38	27.68	31.44	35.70	40.54
EBIT (%)
Depreciation	5.25	4.70	4.23	5.89	7.99	9.07	10.30	11.70	13.28	15.08
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	74.98	53.64	54.47	54.56	28.55	93.20	105.84	120.19	136.49	154.99
Total Cash (%)
Account Receivables	36.25	40.27	36.67	51.38	53.62	71.76	81.49	92.54	105.09	119.34
Account Receivables (%)
Inventories	28.60	20.64	18.79	29.30	35.19	42.91	48.73	55.33	62.83	71.35
Inventories (%)
Accounts Payable	16.32	15.99	24.09	43.47	34.29	43.30	49.17	55.84	63.41	72.01
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	$ 6.38
Beta	1.059
Diluted Shares Outstanding	25.48
Cost of Debt
Tax Rate	19.94
After-tax Cost of Debt	3.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.154
Total Debt	54.77
Total Equity	162.57
Total Capital	217.34
Debt Weighting	25.20
Equity Weighting	74.80
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	127.42	114.03	102.70	142.78	193.69	219.95	249.77	283.64	322.10	365.77
EBITDA	18.81	15.01	15.53	23.61	31.86	33.45	37.98	43.13	48.98	55.62
EBIT	13.56	10.31	11.30	17.72	23.87	24.38	27.68	31.44	35.70	40.54
Tax Rate	-480.35%	24.11%	19.61%	17.70%	19.94%	-79.80%	-79.80%	-79.80%	-79.80%	-79.80%
EBIAT	78.68	7.83	9.08	14.59	19.11	43.83	49.78	56.53	64.19	72.89
Depreciation	5.25	4.70	4.23	5.89	7.99	9.07	10.30	11.70	13.28	15.08
Accounts Receivable	-	-4.01	3.60	-14.71	-2.25	-18.14	-9.73	-11.05	-12.55	-14.25
Inventories	-	7.96	1.85	-10.51	-5.88	-7.72	-5.82	-6.61	-7.50	-8.52
Accounts Payable	-	-0.32	8.09	19.39	-9.18	9.01	5.87	6.67	7.57	8.60
Capital Expenditure	-4.31	-2.54	-1	-5.41	-4.35	-5.55	-6.30	-7.16	-8.13	-9.23
UFCF	79.63	13.61	25.86	9.24	5.44	30.50	44.10	50.07	56.86	64.57
WACC
PV UFCF						28.32	38.02	40.10	42.28	44.58
SUM PV UFCF										193.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.69
Free cash flow (t + 1)	65.87
Terminal Value	1,157.57
Present Value of Terminal Value	799.22

Intrinsic Value

Enterprise Value	992.53
Net Debt	26.22
Equity Value	966.31
Shares Outstanding	25.48
Equity Value Per Share	37.92