Discounted Cash Flow (DCF) Analysis Levered

AdVini S.A. (ADVI.PA)

19.9 €

+0.20 (+1.02%)

All numbers are in Millions, Currency in USD

Stock DCF: 373.90 | 19.9 | undervalue

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	249.96	257.09	266.58	247.91	280.25	289.06	298.16	307.53	317.21	327.19
Revenue (%)
Operating Cash Flow	2.13	16.02	44.53	11.32	27.66	22.10	22.79	23.51	24.25	25.01
Operating Cash Flow (%)
Capital Expenditure	-14.99	-12.18	-10.39	-8.51	-9.71	-12.45	-12.84	-13.24	-13.66	-14.09
Capital Expenditure (%)
Free Cash Flow	-12.86	3.84	34.13	2.81	17.96	9.65	9.96	10.27	10.59	10.93

Weighted Average Cost Of Capital

Share price	$ 19.9
Beta	0.382
Diluted Shares Outstanding	3.85
Cost of Debt
Tax Rate	21.45
After-tax Cost of Debt	1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.475
Total Debt	187.89
Total Equity	76.53
Total Capital	264.41
Debt Weighting	71.06
Equity Weighting	28.94
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	249.96	257.09	266.58	247.91	280.25	289.06	298.16	307.53	317.21	327.19
Operating Cash Flow	2.13	16.02	44.53	11.32	27.66	22.10	22.79	23.51	24.25	25.01
Capital Expenditure	-14.99	-12.18	-10.39	-8.51	-9.71	-12.45	-12.84	-13.24	-13.66	-14.09
Free Cash Flow	-12.86	3.84	34.13	2.81	17.96	9.65	9.96	10.27	10.59	10.93
WACC
PV LFCF						9.16	9.21	9.26	9.30	9.35
SUM PV LFCF										47.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.63
Free cash flow (t + 1)	11.14
Terminal Value	1,768.87
Present Value of Terminal Value	1,553.55

Intrinsic Value

Enterprise Value	1,601.05
Net Debt	163.20
Equity Value	1,437.85
Shares Outstanding	3.85
Equity Value Per Share	373.90