Discounted Cash Flow (DCF) Analysis Unlevered
Sporting Clube de Portugal - Futebo... (SCP.LS)
0.846 €
0.00 (0.00%)
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 | 61.40 | 65 | 61.45 | 56.02 | 56.58 | 55.52 | 54.49 | 53.48 | 52.48 | 51.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 56.98 | 10.66 | 29.95 | 51.13 | 1.42 | 27.95 | 27.43 | 26.92 | 26.42 | 25.93 |
| EBITDA (%) | ||||||||||
| EBIT | 39.20 | -17.36 | 2.59 | 24.56 | -24.33 | 4.68 | 4.60 | 4.51 | 4.43 | 4.34 |
| EBIT (%) | ||||||||||
| Depreciation | 17.78 | 28.03 | 27.36 | 26.57 | 25.75 | 23.27 | 22.84 | 22.41 | 21.99 | 21.58 |
| 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 | 3.19 | 1.72 | 3.47 | 15.86 | 10.11 | 6.63 | 6.50 | 6.38 | 6.26 | 6.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.96 | 1.45 | 1.29 | 1.50 | 1.58 | 1.26 | 1.24 | 1.22 | 1.19 | 1.17 |
| Inventories (%) | ||||||||||
| Accounts Payable | 41.11 | 44.03 | 47.97 | 55.96 | 54.63 | 45.44 | 44.59 | 43.76 | 42.95 | 42.15 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -26.77 | -51.45 | -55.77 | -32.60 | -46.88 | -39.37 | -38.64 | -37.92 | -37.21 | -36.52 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.846 |
|---|---|
| Beta | 0.622 |
| Diluted Shares Outstanding | 67 |
| Cost of Debt | |
| Tax Rate | 4.26 |
| After-tax Cost of Debt | 7.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.776 |
| Total Debt | 137.94 |
| Total Equity | 56.68 |
| Total Capital | 194.63 |
| Debt Weighting | 70.88 |
| Equity Weighting | 29.12 |
| 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 | 61.40 | 65 | 61.45 | 56.02 | 56.58 | 55.52 | 54.49 | 53.48 | 52.48 | 51.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 56.98 | 10.66 | 29.95 | 51.13 | 1.42 | 27.95 | 27.43 | 26.92 | 26.42 | 25.93 |
| EBIT | 39.20 | -17.36 | 2.59 | 24.56 | -24.33 | 4.68 | 4.60 | 4.51 | 4.43 | 4.34 |
| Tax Rate | 13.24% | 10.61% | -24.16% | -5.97% | 4.26% | -0.40% | -0.40% | -0.40% | -0.40% | -0.40% |
| EBIAT | 34.01 | -15.52 | 3.21 | 26.02 | -23.30 | 4.70 | 4.61 | 4.53 | 4.44 | 4.36 |
| Depreciation | 17.78 | 28.03 | 27.36 | 26.57 | 25.75 | 23.27 | 22.84 | 22.41 | 21.99 | 21.58 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.49 | 0.15 | -0.21 | -0.08 | 0.32 | 0.02 | 0.02 | 0.02 | 0.02 |
| Accounts Payable | - | 2.92 | 3.94 | 7.99 | -1.33 | -9.19 | -0.85 | -0.83 | -0.81 | -0.80 |
| Capital Expenditure | -26.77 | -51.45 | -55.77 | -32.60 | -46.88 | -39.37 | -38.64 | -37.92 | -37.21 | -36.52 |
| UFCF | 25.03 | -36.52 | -21.10 | 27.77 | -45.83 | -20.27 | -12.01 | -11.79 | -11.57 | -11.35 |
| WACC | ||||||||||
| PV UFCF | -19.01 | -10.56 | -9.72 | -8.94 | -8.23 | |||||
| SUM PV UFCF | -56.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.64 |
| Free cash flow (t + 1) | -11.58 |
| Terminal Value | -249.55 |
| Present Value of Terminal Value | -180.95 |
Intrinsic Value
| Enterprise Value | -237.41 |
|---|---|
| Net Debt | 128.93 |
| Equity Value | -366.34 |
| Shares Outstanding | 67 |
| Equity Value Per Share | -5.47 |