Discounted Cash Flow (DCF) Analysis Unlevered
Wereldhave Belgium (WEHB.BR)
47.8 €
-0.40 (-0.83%)
All numbers are in Millions, Currency in USD
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 | 66.71 | 73.48 | 67.42 | 67.49 | 72.21 | 73.83 | 75.49 | 77.19 | 78.92 | 80.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 43.33 | 31.11 | -19.38 | 43.17 | 61.34 | 33.59 | 34.34 | 35.11 | 35.90 | 36.71 |
| EBITDA (%) | ||||||||||
| EBIT | 43.19 | 30.97 | -19.47 | 42.96 | 61.19 | 33.43 | 34.18 | 34.95 | 35.73 | 36.54 |
| EBIT (%) | ||||||||||
| Depreciation | 0.14 | 0.14 | 0.09 | 0.21 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.17 |
| 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 | 6.93 | 4.34 | 3.03 | 5.54 | 11.22 | 6.58 | 6.72 | 6.87 | 7.03 | 7.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | 7.48 | 6.86 | 6.87 | 7.35 | 7.52 | 7.68 | 7.86 | 8.03 | 8.21 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.76 | 8.21 | 11.34 | 10.65 | 13.46 | 9.83 | 10.05 | 10.27 | 10.50 | 10.74 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -69.81 | -17.54 | -0.04 | -0.03 | -0.02 | -19 | -19.42 | -19.86 | -20.31 | -20.76 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 47.8 |
|---|---|
| Beta | 0.885 |
| Diluted Shares Outstanding | 8.82 |
| Cost of Debt | |
| Tax Rate | 0.09 |
| After-tax Cost of Debt | 2.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.794 |
| Total Debt | 223.80 |
| Total Equity | 421.58 |
| Total Capital | 645.38 |
| Debt Weighting | 34.68 |
| Equity Weighting | 65.32 |
| 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 | 66.71 | 73.48 | 67.42 | 67.49 | 72.21 | 73.83 | 75.49 | 77.19 | 78.92 | 80.69 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 43.33 | 31.11 | -19.38 | 43.17 | 61.34 | 33.59 | 34.34 | 35.11 | 35.90 | 36.71 |
| EBIT | 43.19 | 30.97 | -19.47 | 42.96 | 61.19 | 33.43 | 34.18 | 34.95 | 35.73 | 36.54 |
| Tax Rate | -0.06% | -2.29% | 0.03% | 0.26% | 0.09% | -0.40% | -0.40% | -0.40% | -0.40% | -0.40% |
| EBIAT | 43.21 | 31.68 | -19.46 | 42.85 | 61.14 | 33.56 | 34.32 | 35.09 | 35.88 | 36.68 |
| Depreciation | 0.14 | 0.14 | 0.09 | 0.21 | 0.15 | 0.16 | 0.16 | 0.16 | 0.17 | 0.17 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | 0.62 | -0.01 | -0.48 | -0.17 | -0.17 | -0.17 | -0.18 | -0.18 |
| Accounts Payable | - | 5.45 | 3.12 | -0.69 | 2.82 | -3.64 | 0.22 | 0.23 | 0.23 | 0.24 |
| Capital Expenditure | -69.81 | -17.54 | -0.04 | -0.03 | -0.03 | -19 | -19.42 | -19.86 | -20.31 | -20.76 |
| UFCF | -26.46 | 19.73 | -15.67 | 42.34 | 63.60 | 10.92 | 15.10 | 15.44 | 15.79 | 16.15 |
| WACC | ||||||||||
| PV UFCF | 10.30 | 13.44 | 12.96 | 12.50 | 12.06 | |||||
| SUM PV UFCF | 61.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.01 |
| Free cash flow (t + 1) | 16.47 |
| Terminal Value | 410.69 |
| Present Value of Terminal Value | 306.75 |
Intrinsic Value
| Enterprise Value | 368.02 |
|---|---|
| Net Debt | 213.38 |
| Equity Value | 154.63 |
| Shares Outstanding | 8.82 |
| Equity Value Per Share | 17.53 |