Hoop, als je neuzelen wil, dit is de Data.
En koersdoelen kunnen naar boven en naar benden bijgesteld worden door analisten:))
Intrinsic Value Based on Future Cash Flows
Below are the data sources, inputs and calculation used to determine the intrinsic value for Altice Europe.
ENXTAM:ATC Discounted Cash Flow Data SourcesData Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.3%
Perpetual Growth Rate 10-Year NL Government Bond Rate 0.4%
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
Calculation of Discount Rate/ Cost of Equity for ENXTAM:ATCData Point Calculation/ Source Result
Risk-Free Rate 10-Year NL Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6.0%
Media Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.756 (1 + (1 - 25.0%) (723.71%)) 3.585
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm) 2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (2 * 5.96%) 12.29%
Discounted Cash Flow Calculation for ENXTAM:ATC using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Altice Europe is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.
ENXTAM:ATC DCF 1st Stage: Next 5 year cash flow forecast Levered FCF (EUR, Millions) Source Present Value
Discounted (@ 12.29%)
2020 1.723,28 Analyst x5 1.534,67
2021 1.317,88 Analyst x4 1.045,18
2022 2.983,5 Analyst x2 2.107,19
2023 3.783,84 Est @ 26.83% 2.379,95
2024 4.498,57 Est @ 18.89% 2.519,82
2025 5.098,37 Est @ 13.33% 2.543,23
2026 5.579,87 Est @ 9.44% 2.478,77
2027 5.954,95 Est @ 6.72% 2.355,86
2028 6.241,77 Est @ 4.82% 2.199,06
2029 6.459,13 Est @ 3.48% 2.026,58
Present value of next 5 years cash flows €21.190
ENXTAM:ATC DCF 2nd Stage: Terminal Value Calculation Result
Terminal Value FCF2029 × (1 + g) ÷ (Discount Rate – g)
= €6.459,133 x (1 + 0.37%) ÷ (12.29% - 0.37% ) €54.388
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
€54.388 ÷ (1 + 12.29%)10 €17.064
ENXTAM:ATC Total Equity Value Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €21.190 + €17.064 €38.254
Equity Value per Share
(EUR) = Total value / Shares Outstanding
= €38.254 / 1.194 €32.04
ENXTAM:ATC Discount to Share Price Calculation Result
Value per share (EUR) From above. €32.04
Current discount Discount to share price of €4.49
= -1 x (€4.49 - €32.04) / €32.04 86.0%
Learn more about our DCF calculations in Simply Wall St’s analysis model.