Discounted Cash Flow (DCF) Analysis Levered

Sidetrade SA (ALBFR.PA)

132 €

+2.00 (+1.54%)

All numbers are in Millions, Currency in USD

Stock DCF: 73.09 | 132 | overvalue

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	21.63	24.07	25.70	29.18	32.58	36.10	40	44.33	49.12	54.43
Revenue (%)
Operating Cash Flow	1.13	0.86	2.60	7.67	7.38	4.90	5.43	6.01	6.66	7.39
Operating Cash Flow (%)
Capital Expenditure	-0.56	-0.98	-0.83	-1.17	-1.44	-1.32	-1.46	-1.62	-1.80	-1.99
Capital Expenditure (%)
Free Cash Flow	0.57	-0.12	1.76	6.50	5.95	3.58	3.96	4.39	4.87	5.40

Weighted Average Cost Of Capital

Share price	$ 132
Beta	0.713
Diluted Shares Outstanding	1.45
Cost of Debt
Tax Rate	6.28
After-tax Cost of Debt	0.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.173
Total Debt	13.11
Total Equity	192.04
Total Capital	205.15
Debt Weighting	6.39
Equity Weighting	93.61
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	21.63	24.07	25.70	29.18	32.58	36.10	40	44.33	49.12	54.43
Operating Cash Flow	1.13	0.86	2.60	7.67	7.38	4.90	5.43	6.01	6.66	7.39
Capital Expenditure	-0.56	-0.98	-0.83	-1.17	-1.44	-1.32	-1.46	-1.62	-1.80	-1.99
Free Cash Flow	0.57	-0.12	1.76	6.50	5.95	3.58	3.96	4.39	4.87	5.40
WACC
PV LFCF						3.35	3.48	3.61	3.75	3.89
SUM PV LFCF										18.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.76
Free cash flow (t + 1)	5.50
Terminal Value	115.61
Present Value of Terminal Value	83.36

Intrinsic Value

Enterprise Value	101.44
Net Debt	-4.90
Equity Value	106.34
Shares Outstanding	1.45
Equity Value Per Share	73.09