Discounted Cash Flow (DCF) Analysis Levered

Eurofins-Cerep SA (ALECR.PA)

22200 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 46,183.31 | 22200 | 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	24.41	25.45	31.01	32.67	41.62	47.74	54.76	62.82	72.06	82.66
Revenue (%)
Operating Cash Flow	4.24	4.42	5.38	5.67	7.23	8.29	9.51	10.91	12.51	14.35
Operating Cash Flow (%)
Capital Expenditure	-1.06	-1.11	-1.35	-1.42	-1.81	-2.08	-2.38	-2.73	-3.14	-3.60
Capital Expenditure (%)
Free Cash Flow	3.18	3.31	4.03	4.25	5.41	6.21	7.13	8.17	9.38	10.75

Weighted Average Cost Of Capital

Share price	$ 22,200
Beta	0.543
Diluted Shares Outstanding	0.01
Cost of Debt
Tax Rate	-5.16
After-tax Cost of Debt	182.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.097
Total Debt	0.02
Total Equity	111.98
Total Capital	112
Debt Weighting	0.02
Equity Weighting	99.98
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	24.41	25.45	31.01	32.67	41.62	47.74	54.76	62.82	72.06	82.66
Operating Cash Flow	4.24	4.42	5.38	5.67	7.23	8.29	9.51	10.91	12.51	14.35
Capital Expenditure	-1.06	-1.11	-1.35	-1.42	-1.81	-2.08	-2.38	-2.73	-3.14	-3.60
Free Cash Flow	3.18	3.31	4.03	4.25	5.41	6.21	7.13	8.17	9.38	10.75
WACC
PV LFCF						5.85	6.33	6.84	7.39	7.99
SUM PV LFCF										34.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.13
Free cash flow (t + 1)	10.97
Terminal Value	265.62
Present Value of Terminal Value	197.27

Intrinsic Value

Enterprise Value	231.67
Net Debt	-1.28
Equity Value	232.95
Shares Outstanding	0.01
Equity Value Per Share	46,183.31