Discounted Cash Flow (DCF) Analysis Levered

Fleury Michon SA (ALFLE.PA)

17.5 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 7.47 | 17.5 | 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	716.95	725.27	747.62	735.45	705.63	703.09	700.56	698.04	695.53	693.02
Revenue (%)
Operating Cash Flow	32.10	44.81	26.84	67.88	64.66	45.89	45.73	45.56	45.40	45.24
Operating Cash Flow (%)
Capital Expenditure	-21.76	-31.82	-38.49	-23.81	-20.57	-26.33	-26.23	-26.14	-26.04	-25.95
Capital Expenditure (%)
Free Cash Flow	10.34	12.99	-11.65	44.07	44.09	19.57	19.50	19.43	19.36	19.29

Weighted Average Cost Of Capital

Share price	$ 17.5
Beta	0.393
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	63.01
After-tax Cost of Debt	0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.347
Total Debt	226.85
Total Equity	1,397.68
Total Capital	1,624.53
Debt Weighting	13.96
Equity Weighting	86.04
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	716.95	725.27	747.62	735.45	705.63	703.09	700.56	698.04	695.53	693.02
Operating Cash Flow	32.10	44.81	26.84	67.88	64.66	45.89	45.73	45.56	45.40	45.24
Capital Expenditure	-21.76	-31.82	-38.49	-23.81	-20.57	-26.33	-26.23	-26.14	-26.04	-25.95
Free Cash Flow	10.34	12.99	-11.65	44.07	44.09	19.57	19.50	19.43	19.36	19.29
WACC
PV LFCF						18.69	17.79	16.93	16.11	15.34
SUM PV LFCF										84.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.69
Free cash flow (t + 1)	19.67
Terminal Value	731.31
Present Value of Terminal Value	581.53

Intrinsic Value

Enterprise Value	666.39
Net Debt	69.39
Equity Value	597
Shares Outstanding	79.87
Equity Value Per Share	7.47