Discounted Cash Flow (DCF) Analysis Unlevered

Veoneer, Inc. (VNE)

$36.95

+0.07 (+0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: -16.54 | 36.95 | 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 2,322.202,2281,9021,3731,6571,550.051,450.011,356.431,268.881,186.98
Revenue (%)
EBITDA -67.80-122-372-453-234-232.72-217.70-203.65-190.51-178.21
EBITDA (%)
EBIT -186.60-233-487-556-348-327.36-306.23-286.46-267.97-250.68
EBIT (%)
Depreciation 118.8011111510311494.6388.5382.8177.4772.47
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 -869859758423639.02597.78559.19523.10489.34
Total Cash (%)
Account Receivables 460.50448264301273285.88267.43250.17234.02218.92
Account Receivables (%)
Inventories 154.20172144134192134.17125.51117.41109.83102.74
Inventories (%)
Accounts Payable 322.80369233257281243.02227.33212.66198.93186.09
Accounts Payable (%)
Capital Expenditure -110-189-213-101-61-109.92-102.82-96.19-89.98-84.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 36.95
Beta 2.291
Diluted Shares Outstanding 111.56
Cost of Debt
Tax Rate -4.34
After-tax Cost of Debt 7.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.065
Total Debt 284
Total Equity 4,122.14
Total Capital 4,406.14
Debt Weighting 6.45
Equity Weighting 93.55
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 2,322.202,2281,9021,3731,6571,550.051,450.011,356.431,268.881,186.98
EBITDA -67.80-122-372-453-234-232.72-217.70-203.65-190.51-178.21
EBIT -186.60-233-487-556-348-327.36-306.23-286.46-267.97-250.68
Tax Rate 30.94%-9.09%4.03%-6.25%-4.34%3.06%3.06%3.06%3.06%3.06%
EBIAT -128.87-254.18-467.37-590.75-363.09-317.35-296.86-277.70-259.78-243.01
Depreciation 118.8011111510311494.6388.5382.8177.4772.47
Accounts Receivable -12.50184-3728-12.8818.4517.2616.1515.10
Inventories --17.802810-5857.838.668.107.587.09
Accounts Payable -46.20-1362424-37.98-15.68-14.67-13.73-12.84
Capital Expenditure -110-189-213-101-61-109.92-102.82-96.19-89.98-84.17
UFCF -120.07-291.28-489.37-591.75-316.09-325.66-299.74-280.39-262.29-245.36
WACC
PV UFCF -284.25-228.35-186.44-152.23-124.30
SUM PV UFCF -975.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.57
Free cash flow (t + 1) -250.27
Terminal Value -1,991.02
Present Value of Terminal Value -1,008.61

Intrinsic Value

Enterprise Value -1,984.17
Net Debt -139
Equity Value -1,845.17
Shares Outstanding 111.56
Equity Value Per Share -16.54