Discounted Cash Flow (DCF) Analysis Levered

Arkema S.A. (AKE.PA)

92.7 €

+1.00 (+1.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 119.48 | 92.7 | 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 8,3268,8168,7387,8849,5199,898.9310,294.0310,704.9011,132.1611,576.48
Revenue (%)
Operating Cash Flow 1,0081,0291,3001,1159151,235.611,284.921,336.211,389.541,445
Operating Cash Flow (%)
Capital Expenditure -459-591-661-605-763-702.24-730.27-759.42-789.73-821.25
Capital Expenditure (%)
Free Cash Flow 549438639510152533.36554.65576.79599.81623.75

Weighted Average Cost Of Capital

Share price $ 92.7
Beta 1.271
Diluted Shares Outstanding 76.41
Cost of Debt
Tax Rate 21.90
After-tax Cost of Debt 3.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.519
Total Debt 2,762
Total Equity 7,083.15
Total Capital 9,845.15
Debt Weighting 28.05
Equity Weighting 71.95
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 8,3268,8168,7387,8849,5199,898.9310,294.0310,704.9011,132.1611,576.48
Operating Cash Flow 1,0081,0291,3001,1159151,235.611,284.921,336.211,389.541,445
Capital Expenditure -459-591-661-605-763-702.24-730.27-759.42-789.73-821.25
Free Cash Flow 549438639510152533.36554.65576.79599.81623.75
WACC
PV LFCF 494.13476.05458.64441.86425.70
SUM PV LFCF 2,296.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.94
Free cash flow (t + 1) 636.23
Terminal Value 10,710.91
Present Value of Terminal Value 7,309.95

Intrinsic Value

Enterprise Value 9,606.33
Net Debt 477
Equity Value 9,129.33
Shares Outstanding 76.41
Equity Value Per Share 119.48