Discounted Cash Flow (DCF) Analysis Unlevered

Warehouses Estates Belgium SCA (WEB.BR)

37 €

+0.40 (+1.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.41 | 37 | undervalue

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 20.1521.9621.6921.3423.5324.4925.4926.5427.6328.76
Revenue (%)
EBITDA 12.6713.3515.4617.6311.1315.9116.5717.2417.9518.69
EBITDA (%)
EBIT -----15.9116.5717.2417.9518.69
EBIT (%)
Depreciation ----------
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 0.310.200.770.550.470.520.540.560.580.61
Total Cash (%)
Account Receivables 3.964.594.751.461.133.633.783.934.094.26
Account Receivables (%)
Inventories 3.821.221.980.759.843.874.034.194.364.54
Inventories (%)
Accounts Payable -10.771.571.271.040.99-1.54-1.60-1.67-1.73-1.81
Accounts Payable (%)
Capital Expenditure ----3.42-4.64-4.38-4.56-4.75-4.94-5.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37
Beta 0.406
Diluted Shares Outstanding 3.17
Cost of Debt
Tax Rate 0.02
After-tax Cost of Debt 4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.201
Total Debt 135.49
Total Equity 117.15
Total Capital 252.64
Debt Weighting 53.63
Equity Weighting 46.37
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 20.1521.9621.6921.3423.5324.4925.4926.5427.6328.76
EBITDA 12.6713.3515.4617.6311.1315.9116.5717.2417.9518.69
EBIT -----15.9116.5717.2417.9518.69
Tax Rate 0.00%0.01%12.58%0.19%0.02%2.56%2.56%2.56%2.56%2.56%
EBIAT -----15.5116.1416.8017.4918.21
Depreciation ----------
Accounts Receivable --0.63-0.153.290.33-2.50-0.15-0.15-0.16-0.17
Inventories -2.60-0.761.23-9.095.97-0.16-0.17-0.17-0.18
Accounts Payable -12.34-0.30-0.23-0.04-2.53-0.06-0.07-0.07-0.07
Capital Expenditure ----3.42-4.64-4.38-4.56-4.75-4.94-5.14
UFCF -----12.0711.2111.6712.1512.65
WACC
PV UFCF 11.4810.1410.039.939.83
SUM PV UFCF 51.41

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.17
Free cash flow (t + 1) 12.71
Terminal Value 272.20
Present Value of Terminal Value 211.56

Intrinsic Value

Enterprise Value 262.97
Net Debt 135.02
Equity Value 127.95
Shares Outstanding 3.17
Equity Value Per Share 40.41