Discounted Cash Flow (DCF) Analysis Unlevered

Vastned Belgium (VASTB.BR)

30.4 €

+0.10 (+0.33%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.53 | 30.4 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 20.5520.4018.1118.0418.6518.2317.8217.4317.0416.66
Revenue (%)
EBITDA 9.206.71-7.125.5013.145.084.974.854.754.64
EBITDA (%)
EBIT 9.096.62-7.394.8512.834.804.694.594.484.38
EBIT (%)
Depreciation 0.110.090.270.650.310.280.270.270.260.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 0.510.550.430.210.160.350.340.340.330.32
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.920.090.410.060.040.280.280.270.260.26
Accounts Payable (%)
Capital Expenditure -0.04-0.25-0.04-0.05-0.01-0.07-0.07-0.07-0.07-0.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 30.4
Beta 0.786
Diluted Shares Outstanding 5.08
Cost of Debt
Tax Rate 0.59
After-tax Cost of Debt 4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.995
Total Debt 81.21
Total Equity 154.39
Total Capital 235.60
Debt Weighting 34.47
Equity Weighting 65.53
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 20.5520.4018.1118.0418.6518.2317.8217.4317.0416.66
EBITDA 9.206.71-7.125.5013.145.084.974.854.754.64
EBIT 9.096.62-7.394.8512.834.804.694.594.484.38
Tax Rate 0.28%0.92%-0.08%0.00%0.59%0.34%0.34%0.34%0.34%0.34%
EBIAT 9.076.56-7.404.8512.754.784.684.574.474.37
Depreciation 0.110.090.270.650.310.280.270.270.260.26
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.830.33-0.35-0.020.24-0.01-0.01-0.01-0.01
Capital Expenditure -0.04-0.25-0.04-0.05-0.01-0.07-0.07-0.07-0.07-0.06
UFCF 9.135.58-6.845.1013.035.244.874.774.664.55
WACC
PV UFCF 4.914.283.923.593.29
SUM PV UFCF 19.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.71
Free cash flow (t + 1) 4.58
Terminal Value 73.71
Present Value of Terminal Value 53.27

Intrinsic Value

Enterprise Value 73.26
Net Debt 81.05
Equity Value -7.79
Shares Outstanding 5.08
Equity Value Per Share -1.53