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
Stock DCF: 321.80 | 10.35 | undervalue

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 210241.50302.10265.80441.70545.78674.39833.301,029.651,272.28
Revenue (%)
EBITDA 203.10241.50291.50177.30418.20496.21613.14757.62936.141,156.73
EBITDA (%)
EBIT -----496.21613.14757.62936.141,156.73
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 365.50269.80133.50191.60443.95548.57677.83837.551,034.911,278.77
Total Cash (%)
Account Receivables 1.6042.600.8044.8039.2248.4759.897491.44112.98
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 13.9015.992017.5929.2436.1344.6455.1668.1584.21
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 210241.50302.10265.80441.70545.78674.39833.301,029.651,272.28
EBITDA 203.10241.50291.50177.30418.20496.21613.14757.62936.141,156.73
EBIT -----496.21613.14757.62936.141,156.73
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----496.21613.14757.62936.141,156.73
Depreciation ----------
Accounts Receivable --4141.80-445.58-9.24-11.42-14.11-17.44-21.55
Inventories ----------
Accounts Payable -2.094.01-2.4011.646.898.5110.521316.06
Capital Expenditure ----------
UFCF -----493.86610.23754.02931.701,151.24
WACC
PV UFCF 468.07548.16641.95751.80880.44
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