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
Stock DCF: -5.47 | 0.846 | 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 61.406561.4556.0256.5855.5254.4953.4852.4851.50
Revenue (%)
EBITDA 56.9810.6629.9551.131.4227.9527.4326.9226.4225.93
EBITDA (%)
EBIT 39.20-17.362.5924.56-24.334.684.604.514.434.34
EBIT (%)
Depreciation 17.7828.0327.3626.5725.7523.2722.8422.4121.9921.58
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 3.191.723.4715.8610.116.636.506.386.266.15
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.961.451.291.501.581.261.241.221.191.17
Inventories (%)
Accounts Payable 41.1144.0347.9755.9654.6345.4444.5943.7642.9542.15
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 61.406561.4556.0256.5855.5254.4953.4852.4851.50
EBITDA 56.9810.6629.9551.131.4227.9527.4326.9226.4225.93
EBIT 39.20-17.362.5924.56-24.334.684.604.514.434.34
Tax Rate 13.24%10.61%-24.16%-5.97%4.26%-0.40%-0.40%-0.40%-0.40%-0.40%
EBIAT 34.01-15.523.2126.02-23.304.704.614.534.444.36
Depreciation 17.7828.0327.3626.5725.7523.2722.8422.4121.9921.58
Accounts Receivable ----------
Inventories --0.490.15-0.21-0.080.320.020.020.020.02
Accounts Payable -2.923.947.99-1.33-9.19-0.85-0.83-0.81-0.80
Capital Expenditure -26.77-51.45-55.77-32.60-46.88-39.37-38.64-37.92-37.21-36.52
UFCF 25.03-36.52-21.1027.77-45.83-20.27-12.01-11.79-11.57-11.35
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