Discounted Cash Flow (DCF) Analysis Unlevered

TomTom N.V. (TOM2.AS)

7.57 €

-0.07 (-0.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 8.99 | 7.57 | 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 903.39686.80700.76528.19506.93442.81386.80337.87295.14257.81
Revenue (%)
EBITDA 145.27213.75885.73-7.45-11.48150.49131.45114.83100.3087.61
EBITDA (%)
EBIT -195.7455.56593.75-293.06-85.15-1-0.87-0.76-0.67-0.58
EBIT (%)
Depreciation 341158.19291.99285.6173.67151.49132.33115.59100.9788.20
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 120.85247.70436.52372.45355.82223.57195.29170.59149.01130.16
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 31.6126.4025.3226.1519.5817.5115.2913.3611.6710.19
Inventories (%)
Accounts Payable 51.4451.0847.082214.0223.7220.7218.1015.8113.81
Accounts Payable (%)
Capital Expenditure -120.24-84.15-24.06-6.30-13.27-29.05-25.38-22.17-19.37-16.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.57
Beta 1.233
Diluted Shares Outstanding 129.43
Cost of Debt
Tax Rate -8.97
After-tax Cost of Debt 5.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.578
Total Debt 33.34
Total Equity 979.79
Total Capital 1,013.12
Debt Weighting 3.29
Equity Weighting 96.71
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 903.39686.80700.76528.19506.93442.81386.80337.87295.14257.81
EBITDA 145.27213.75885.73-7.45-11.48150.49131.45114.83100.3087.61
EBIT -195.7455.56593.75-293.06-85.15-1-0.87-0.76-0.67-0.58
Tax Rate -3.33%-603.09%370.02%12.67%-8.97%-46.54%-46.54%-46.54%-46.54%-46.54%
EBIAT -202.25390.62-1,603.22-255.93-92.78-1.47-1.28-1.12-0.98-0.85
Depreciation 341158.19291.99285.6173.67151.49132.33115.59100.9788.20
Accounts Receivable ----------
Inventories -5.211.08-0.836.562.082.211.931.691.48
Accounts Payable --0.37-3.99-25.09-7.989.70-3-2.62-2.29-2
Capital Expenditure -120.24-84.15-24.06-6.30-13.27-29.05-25.38-22.17-19.37-16.92
UFCF 18.51469.50-1,338.20-2.54-33.80132.74104.8891.6180.0369.90
WACC
PV UFCF 121.3087.5869.9155.8144.55
SUM PV UFCF 379.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.43
Free cash flow (t + 1) 71.30
Terminal Value 959.66
Present Value of Terminal Value 611.55

Intrinsic Value

Enterprise Value 990.71
Net Debt -172.48
Equity Value 1,163.19
Shares Outstanding 129.43
Equity Value Per Share 8.99