Discounted Cash Flow (DCF) Analysis Unlevered

Viohalco S.A. (VIO.BR)

4.165 €

+0.09 (+2.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.44 | 4.165 | 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 3,721.314,406.184,198.193,850.085,374.515,978.966,651.407,399.458,231.649,157.43
Revenue (%)
EBITDA 295.09325.32268.09274.77490.42453.93504.98561.78624.96695.24
EBITDA (%)
EBIT 156.01189.53121.56139.60347.64256.90285.79317.93353.69393.47
EBIT (%)
Depreciation 139.08135.78146.53135.18142.77197.03219.19243.84271.27301.77
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 169.86163.68214.50219.16503.27340.14378.40420.95468.30520.96
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,005.871,142.311,060.011,074.591,469.841,595.951,775.441,975.112,197.252,444.36
Inventories (%)
Accounts Payable 544.41661.54649.987631,093.801,019.961,134.671,262.281,404.241,562.17
Accounts Payable (%)
Capital Expenditure -3.46-10.79-23.79-231.20-234.69-134.84-150.01-166.88-185.65-206.52
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.165
Beta 1.563
Diluted Shares Outstanding 259.19
Cost of Debt
Tax Rate 29.35
After-tax Cost of Debt 3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.069
Total Debt 2,187.57
Total Equity 1,079.53
Total Capital 3,267.10
Debt Weighting 66.96
Equity Weighting 33.04
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 3,721.314,406.184,198.193,850.085,374.515,978.966,651.407,399.458,231.649,157.43
EBITDA 295.09325.32268.09274.77490.42453.93504.98561.78624.96695.24
EBIT 156.01189.53121.56139.60347.64256.90285.79317.93353.69393.47
Tax Rate -29.63%20.39%74.30%63.80%29.35%31.64%31.64%31.64%31.64%31.64%
EBIAT 202.24150.8831.2550.54245.62175.62195.37217.34241.78268.97
Depreciation 139.08135.78146.53135.18142.77197.03219.19243.84271.27301.77
Accounts Receivable ----------
Inventories --136.4482.30-14.58-395.25-126.11-179.49-199.68-222.13-247.12
Accounts Payable -117.13-11.56113.02330.81-73.85114.71127.61141.96157.93
Capital Expenditure -3.46-10.79-23.79-231.20-234.69-134.84-150.01-166.88-185.65-206.52
UFCF 337.86256.56224.7352.9589.2637.85199.77222.24247.23275.04
WACC
PV UFCF 35.79178.64187.92197.69207.96
SUM PV UFCF 808

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.75
Free cash flow (t + 1) 280.54
Terminal Value 7,481
Present Value of Terminal Value 5,656.63

Intrinsic Value

Enterprise Value 6,464.63
Net Debt 1,684.31
Equity Value 4,780.33
Shares Outstanding 259.19
Equity Value Per Share 18.44