Discounted Cash Flow (DCF) Analysis Unlevered

G. Willi-Food International Ltd. (WILC)

$14.5

+0.17 (+1.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 41.31 | 14.5 | 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 311.98338.25395.64454.09454.21499.85550.07605.34666.15733.08
Revenue (%)
EBITDA 38.3843.6474.3374.6284.5179.0186.9595.68105.30115.87
EBITDA (%)
EBIT 34.7040.0369.5268.9278.3172.9380.2588.3297.19106.95
EBIT (%)
Depreciation 3.683.614.825.696.206.086.697.378.118.92
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 256.58272.19263.40356.52349.81384.70423.35465.89512.70564.21
Total Cash (%)
Account Receivables 97.67100.84157.54157.42142.10166.84183.61202.05222.35244.69
Account Receivables (%)
Inventories 39.9049.2971.5559.5159.5371.6478.8386.7595.47105.06
Inventories (%)
Accounts Payable 12.8016.2424.6523.4720.3924.7827.2730.0133.0336.35
Accounts Payable (%)
Capital Expenditure -2.65-2.14-1.79-2.90-6.21-3.94-4.34-4.77-5.25-5.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.5
Beta 0.756
Diluted Shares Outstanding 13.87
Cost of Debt
Tax Rate 22.00
After-tax Cost of Debt 380.76%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.125
Total Debt 4.20
Total Equity 201.07
Total Capital 205.27
Debt Weighting 2.05
Equity Weighting 97.95
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 311.98338.25395.64454.09454.21499.85550.07605.34666.15733.08
EBITDA 38.3843.6474.3374.6284.5179.0186.9595.68105.30115.87
EBIT 34.7040.0369.5268.9278.3172.9380.2588.3297.19106.95
Tax Rate 19.11%23.92%21.05%22.85%22.00%21.78%21.78%21.78%21.78%21.78%
EBIAT 28.0730.4554.8853.1861.0957.0462.7769.0876.0283.65
Depreciation 3.683.614.825.696.206.086.697.378.118.92
Accounts Receivable --3.17-56.700.1215.32-24.74-16.76-18.45-20.30-22.34
Inventories --9.39-22.2612.03-0.01-12.11-7.20-7.92-8.72-9.59
Accounts Payable -3.448.41-1.18-3.094.402.492.743.023.32
Capital Expenditure -2.65-2.14-1.79-2.90-6.21-3.94-4.34-4.77-5.25-5.78
UFCF 29.1022.80-12.6466.9473.2926.7343.6648.0452.8758.18
WACC
PV UFCF 23.2933.1431.7830.4729.22
SUM PV UFCF 147.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.77
Free cash flow (t + 1) 59.34
Terminal Value 464.72
Present Value of Terminal Value 233.37

Intrinsic Value

Enterprise Value 381.27
Net Debt -191.52
Equity Value 572.79
Shares Outstanding 13.87
Equity Value Per Share 41.31