UNVR

7,095 10% 25%

THN EBIT EBIT(1-T) NCE OCF ^NWC CAPEX FCF
2,019 7,805 5,853 1,598 7,451 0 0 7,451
2020 8,585 6,439 1,598 8,037 0 0 8,037
2021 9,443 7,083 1,598 8,681 0 0 8,681
2022 10,388 7,791 1,598 9,389 0 0 9,389
2023 11,427 8,570 1,598 10,168 0 0 10,168
2024 12,569 9,427 1,598 11,025 0 0 11,025
2025 13,826 10,370 1,598 11,968 0 0 11,968
2026 15,209 11,407 1,598 13,005 0 0 13,005
2027 16,730 12,547 1,598 14,145 0 0 14,145
2028 18,403 13,802 1,598 15,400 0 0 15,400
 9%
TV NCF DF PV NCF
0 7,451 0.9174 6,836 1
0 8,037 0.8417 6,764 2
0 8,681 0.7722 6,703 3
0 9,389 0.7084 6,651 4
0 10,168 0.6499 6,608 5
0 11,025 0.5963 6,574 6
0 11,968 0.5470 6,547 7
0 13,005 0.5019 6,527 8
0 14,145 0.4604 6,513 9
171,111 186,511 0.4224 78,784 10
138,507
^CASH+M/S 5,286
CORPORATE VALUE 143,793
DEBT VALUE 14,593
EQUITY VALUE 129,200
CS OUTSTANDING 7,630,000,000
FMP 16,933
MP 12,000 UNDER VALUE