Discounted Cash Flow (DCF) Analysis Levered

Antevenio, S.A. (ALANT.PA)

3.82 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 32.46 | 3.82 | undervalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	25.38	28.60	29.53	25.22	54.43	70.36	90.97	117.61	152.05	196.57
Revenue (%)
Operating Cash Flow	1.04	2.16	2.34	-0.46	2.41	3.12	4.03	5.22	6.74	8.72
Operating Cash Flow (%)
Capital Expenditure	-0.25	-0.18	-0.17	-0.62	-0.64	-0.82	-1.07	-1.38	-1.78	-2.30
Capital Expenditure (%)
Free Cash Flow	0.78	1.98	2.17	-1.09	1.78	2.30	2.97	3.84	4.96	6.41

Weighted Average Cost Of Capital

Share price	$ 3.82
Beta	0.955
Diluted Shares Outstanding	4.19
Cost of Debt
Tax Rate	-6.58
After-tax Cost of Debt	2.79%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.115
Total Debt	10.17
Total Equity	16.02
Total Capital	26.19
Debt Weighting	38.85
Equity Weighting	61.15
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	25.38	28.60	29.53	25.22	54.43	70.36	90.97	117.61	152.05	196.57
Operating Cash Flow	1.04	2.16	2.34	-0.46	2.41	3.12	4.03	5.22	6.74	8.72
Capital Expenditure	-0.25	-0.18	-0.17	-0.62	-0.64	-0.82	-1.07	-1.38	-1.78	-2.30
Free Cash Flow	0.78	1.98	2.17	-1.09	1.78	2.30	2.97	3.84	4.96	6.41
WACC
PV LFCF						2.16	2.64	3.22	3.92	4.78
SUM PV LFCF										16.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.05
Free cash flow (t + 1)	6.54
Terminal Value	161.51
Present Value of Terminal Value	120.41

Intrinsic Value

Enterprise Value	137.13
Net Debt	1.05
Equity Value	136.08
Shares Outstanding	4.19
Equity Value Per Share	32.46