Discounted Cash Flow (DCF) Analysis Levered
Accor SA (AC.PA)
29.72 €
+0.92 (+3.19%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,937 | 3,610 | 4,049 | 1,621 | 2,204 | 2,614.67 | 3,101.85 | 3,679.82 | 4,365.47 | 5,178.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 989 | 491 | 641 | -463 | -234 | 216.03 | 256.28 | 304.03 | 360.68 | 427.89 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -518 | -2,925 | -319 | -175 | -82 | -680.66 | -807.49 | -957.95 | -1,136.44 | -1,348.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 471 | -2,434 | 322 | -638 | -316 | -464.63 | -551.21 | -653.91 | -775.76 | -920.30 |
Weighted Average Cost Of Capital
| Share price | $ 29.72 |
|---|---|
| Beta | 1.314 |
| Diluted Shares Outstanding | 262.23 |
| Cost of Debt | |
| Tax Rate | 254.55 |
| After-tax Cost of Debt | -4.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.748 |
| Total Debt | 3,527 |
| Total Equity | 7,793.59 |
| Total Capital | 11,320.59 |
| Debt Weighting | 31.16 |
| Equity Weighting | 68.84 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,937 | 3,610 | 4,049 | 1,621 | 2,204 | 2,614.67 | 3,101.85 | 3,679.82 | 4,365.47 | 5,178.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 989 | 491 | 641 | -463 | -234 | 216.03 | 256.28 | 304.03 | 360.68 | 427.89 |
| Capital Expenditure | -518 | -2,925 | -319 | -175 | -82 | -680.66 | -807.49 | -957.95 | -1,136.44 | -1,348.19 |
| Free Cash Flow | 471 | -2,434 | 322 | -638 | -316 | -464.63 | -551.21 | -653.91 | -775.76 | -920.30 |
| WACC | ||||||||||
| PV LFCF | -440.62 | -495.70 | -557.67 | -627.39 | -705.83 | |||||
| SUM PV LFCF | -2,827.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.45 |
| Free cash flow (t + 1) | -938.71 |
| Terminal Value | -27,208.90 |
| Present Value of Terminal Value | -20,867.87 |
Intrinsic Value
| Enterprise Value | -23,695.08 |
|---|---|
| Net Debt | 1,861 |
| Equity Value | -25,556.08 |
| Shares Outstanding | 262.23 |
| Equity Value Per Share | -97.46 |