Discounted Cash Flow (DCF) Analysis Unlevered
Tetragon Financial Group Limited (TFG.AS)
$10.35
+0.05 (+0.49%)
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 | 210 | 241.50 | 302.10 | 265.80 | 441.70 | 545.78 | 674.39 | 833.30 | 1,029.65 | 1,272.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 203.10 | 241.50 | 291.50 | 177.30 | 418.20 | 496.21 | 613.14 | 757.62 | 936.14 | 1,156.73 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 496.21 | 613.14 | 757.62 | 936.14 | 1,156.73 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| 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 | 365.50 | 269.80 | 133.50 | 191.60 | 443.95 | 548.57 | 677.83 | 837.55 | 1,034.91 | 1,278.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.60 | 42.60 | 0.80 | 44.80 | 39.22 | 48.47 | 59.89 | 74 | 91.44 | 112.98 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.90 | 15.99 | 20 | 17.59 | 29.24 | 36.13 | 44.64 | 55.16 | 68.15 | 84.21 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 10.35 |
|---|---|
| Beta | 0.544 |
| Diluted Shares Outstanding | 89.50 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.554 |
| Total Debt | 75 |
| Total Equity | 926.33 |
| Total Capital | 1,001.33 |
| Debt Weighting | 7.49 |
| Equity Weighting | 92.51 |
| 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 | 210 | 241.50 | 302.10 | 265.80 | 441.70 | 545.78 | 674.39 | 833.30 | 1,029.65 | 1,272.28 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 203.10 | 241.50 | 291.50 | 177.30 | 418.20 | 496.21 | 613.14 | 757.62 | 936.14 | 1,156.73 |
| EBIT | - | - | - | - | - | 496.21 | 613.14 | 757.62 | 936.14 | 1,156.73 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 496.21 | 613.14 | 757.62 | 936.14 | 1,156.73 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -41 | 41.80 | -44 | 5.58 | -9.24 | -11.42 | -14.11 | -17.44 | -21.55 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.09 | 4.01 | -2.40 | 11.64 | 6.89 | 8.51 | 10.52 | 13 | 16.06 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 493.86 | 610.23 | 754.02 | 931.70 | 1,151.24 |
| WACC | ||||||||||
| PV UFCF | 468.07 | 548.16 | 641.95 | 751.80 | 880.44 | |||||
| SUM PV UFCF | 3,290.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.51 |
| Free cash flow (t + 1) | 1,174.27 |
| Terminal Value | 33,454.91 |
| Present Value of Terminal Value | 25,585.37 |
Intrinsic Value
| Enterprise Value | 28,875.79 |
|---|---|
| Net Debt | 75 |
| Equity Value | 28,800.79 |
| Shares Outstanding | 89.50 |
| Equity Value Per Share | 321.80 |