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
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 | 311.98 | 338.25 | 395.64 | 454.09 | 454.21 | 499.85 | 550.07 | 605.34 | 666.15 | 733.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 38.38 | 43.64 | 74.33 | 74.62 | 84.51 | 79.01 | 86.95 | 95.68 | 105.30 | 115.87 |
| EBITDA (%) | ||||||||||
| EBIT | 34.70 | 40.03 | 69.52 | 68.92 | 78.31 | 72.93 | 80.25 | 88.32 | 97.19 | 106.95 |
| EBIT (%) | ||||||||||
| Depreciation | 3.68 | 3.61 | 4.82 | 5.69 | 6.20 | 6.08 | 6.69 | 7.37 | 8.11 | 8.92 |
| 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 | 256.58 | 272.19 | 263.40 | 356.52 | 349.81 | 384.70 | 423.35 | 465.89 | 512.70 | 564.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 97.67 | 100.84 | 157.54 | 157.42 | 142.10 | 166.84 | 183.61 | 202.05 | 222.35 | 244.69 |
| Account Receivables (%) | ||||||||||
| Inventories | 39.90 | 49.29 | 71.55 | 59.51 | 59.53 | 71.64 | 78.83 | 86.75 | 95.47 | 105.06 |
| Inventories (%) | ||||||||||
| Accounts Payable | 12.80 | 16.24 | 24.65 | 23.47 | 20.39 | 24.78 | 27.27 | 30.01 | 33.03 | 36.35 |
| 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 | 311.98 | 338.25 | 395.64 | 454.09 | 454.21 | 499.85 | 550.07 | 605.34 | 666.15 | 733.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 38.38 | 43.64 | 74.33 | 74.62 | 84.51 | 79.01 | 86.95 | 95.68 | 105.30 | 115.87 |
| EBIT | 34.70 | 40.03 | 69.52 | 68.92 | 78.31 | 72.93 | 80.25 | 88.32 | 97.19 | 106.95 |
| Tax Rate | 19.11% | 23.92% | 21.05% | 22.85% | 22.00% | 21.78% | 21.78% | 21.78% | 21.78% | 21.78% |
| EBIAT | 28.07 | 30.45 | 54.88 | 53.18 | 61.09 | 57.04 | 62.77 | 69.08 | 76.02 | 83.65 |
| Depreciation | 3.68 | 3.61 | 4.82 | 5.69 | 6.20 | 6.08 | 6.69 | 7.37 | 8.11 | 8.92 |
| Accounts Receivable | - | -3.17 | -56.70 | 0.12 | 15.32 | -24.74 | -16.76 | -18.45 | -20.30 | -22.34 |
| Inventories | - | -9.39 | -22.26 | 12.03 | -0.01 | -12.11 | -7.20 | -7.92 | -8.72 | -9.59 |
| Accounts Payable | - | 3.44 | 8.41 | -1.18 | -3.09 | 4.40 | 2.49 | 2.74 | 3.02 | 3.32 |
| Capital Expenditure | -2.65 | -2.14 | -1.79 | -2.90 | -6.21 | -3.94 | -4.34 | -4.77 | -5.25 | -5.78 |
| UFCF | 29.10 | 22.80 | -12.64 | 66.94 | 73.29 | 26.73 | 43.66 | 48.04 | 52.87 | 58.18 |
| WACC | ||||||||||
| PV UFCF | 23.29 | 33.14 | 31.78 | 30.47 | 29.22 | |||||
| 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 |