Trikem S.A.
BOVESPA-CPCA3
BUILD UP FREE CASH | 2001-12-31 (A) | 2002-12-31 (A) | 2003-10-31 (A) | 2004-10-31 (E) | 2005-10-31 (E) | 2006-10-31 (E) | 2007-10-31 (E) | 2008-10-31 (E) |
|---|---|---|---|---|---|---|---|---|
Revenue | 1,268.2 | 1,151 | 1,377.8 | 1,377.8 | 1,377.8 | 1,377.8 | 1,377.8 | 1,377.8 |
Revenue % Chg. | -12.9% | -9.2% | 19.7% | |||||
EBIT | 278.5 | 104.9 | 314 | 247.4 | 247.4 | 247.4 | 247.4 | 247.4 |
EBIT Margin | 22% | 9.1% | 22.8% | |||||
Tax Rate | 4.1% | -5.6% | 8% | |||||
NOPAT | 267.1 | 110.8 | 288.8 | 242 | 242 | 242 | 242 | 242 |
NOPAT Margin | 21.1% | 9.6% | 21% | 17.6% | 17.6% | 17.6% | 17.6% | 17.6% |
D&A | 52 | — | — | 18.8 | 18.8 | 18.8 | 18.8 | 18.8 |
D&A / Revenue | 4.1% | — | — | |||||
Capex | — | — | — | — | — | — | — | — |
Capex / Revenue | — | — | — | |||||
Chg. NWC | — | — | — | — | — | — | — | — |
Chg. NWC / Revenue | — | — | — | |||||
Unlevered FCF (UFCF) | 319.1 | 110.8 | 288.8 | 260.9 | 260.9 | 260.9 | 260.9 | 260.9 |
UFCF % Chg. | -930.3% | -65.3% | 160.6% | -9.7% | — | — | — | — |
PV of UFCF | — | — | — | 230.5 | 203.7 | 180 | 159.1 | 140.5 |
Sum of PV of UFCF | — | — | — | 230.5 | 434.2 | 614.2 | 773.3 | 913.8 |
| Cost of Debt | |
| Tax Rate | |
| After Tax Cost of Debt | — |
| Risk Free Rate | |
| Market Risk Premium | |
| Beta | 1 |
| Cost of Equity | 13.2% |
| Total Debt | 1,170.3 |
| Market Cap | 859,981.9 |
| Total Capital | 861,152.2 |
| Debt Weighting | 0.1% |
| Equity Weighting | 99.9% |
| WACC | 13.2% |
| Exit Multiple EV/FCF | |
| Terminal Value | 861,235.4 |
| PV of Terminal Value | 410,014.9 |
| Cumulative PV of UFCF | 913.8 |
| Net Debt | 1,159.6 |
| Equity Value | 409,769.1 |
| Shares Outstanding | 60,868.8 |
| Implied Share Price | 6.7 |
| Current Share Price | 7 |
| Implied Upside / (Downside) | -4.2% |