Discounted Cash Flow (DCF) Analysis Unlevered

TKH Group N.V. (TWEKA.AS)

41.76 €

+0.44 (+1.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 17.61 | 41.76 | 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 1,484.461,630.831,489.641,289.371,523.771,546.391,569.351,592.651,616.301,640.29
Revenue (%)
EBITDA 178.28215.98244.78174.40234.35218.32221.56224.85228.19231.58
EBITDA (%)
EBIT 116.19146.02144.1371.37136.38126.63128.51130.42132.35134.32
EBIT (%)
Depreciation 62.0969.96100.64103.0397.9791.7093.0694.4495.8497.26
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 87.7283.1878.98121.64100.1499.95101.43102.94104.47106.02
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 233.63254.96238.80236.71294.74263.21267.12271.08275.11279.19
Inventories (%)
Accounts Payable 195.25211.76154.18139.08198.62186.52189.29192.10194.95197.85
Accounts Payable (%)
Capital Expenditure 1.24-76.140.25-70.66-74.24-46.15-46.83-47.53-48.23-48.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.76
Beta 1.831
Diluted Shares Outstanding 80.36
Cost of Debt
Tax Rate 26.14
After-tax Cost of Debt 1.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.160
Total Debt 381.39
Total Equity 3,355.82
Total Capital 3,737.22
Debt Weighting 10.21
Equity Weighting 89.79
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 1,484.461,630.831,489.641,289.371,523.771,546.391,569.351,592.651,616.301,640.29
EBITDA 178.28215.98244.78174.40234.35218.32221.56224.85228.19231.58
EBIT 116.19146.02144.1371.37136.38126.63128.51130.42132.35134.32
Tax Rate 20.10%21.57%-27.65%24.47%26.14%12.93%12.93%12.93%12.93%12.93%
EBIAT 92.84114.53183.9853.91100.73110.26111.90113.56115.24116.95
Depreciation 62.0969.96100.64103.0397.9791.7093.0694.4495.8497.26
Accounts Receivable ----------
Inventories --21.3416.162.09-58.0231.53-3.91-3.97-4.02-4.08
Accounts Payable -16.51-57.58-15.1059.55-12.102.772.812.852.89
Capital Expenditure 1.24-76.140.25-70.66-74.24-46.15-46.83-47.53-48.23-48.95
UFCF 156.16103.53243.4673.26125.98175.23156.98159.31161.68164.08
WACC
PV UFCF 157.77127.25116.27106.2397.07
SUM PV UFCF 604.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.07
Free cash flow (t + 1) 167.36
Terminal Value 1,845.21
Present Value of Terminal Value 1,091.59

Intrinsic Value

Enterprise Value 1,696.18
Net Debt 281.26
Equity Value 1,414.92
Shares Outstanding 80.36
Equity Value Per Share 17.61