Discounted Cash Flow (DCF) Analysis Levered

Lanson-BCC (ALLAN.PA)

32 €

-0.10 (-0.31%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.78 | 32 | 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	261.59	277.50	250.29	223.12	271.09	275.78	280.55	285.40	290.34	295.36
Revenue (%)
Operating Cash Flow	12.78	5.82	1.35	21.26	64.72	22.57	22.96	23.36	23.77	24.18
Operating Cash Flow (%)
Capital Expenditure	-10.16	-6.29	-9.26	-5.01	-7.22	-8.14	-8.28	-8.42	-8.57	-8.72
Capital Expenditure (%)
Free Cash Flow	2.62	-0.46	-7.91	16.25	57.51	14.43	14.68	14.94	15.20	15.46

Weighted Average Cost Of Capital

Share price	$ 32
Beta	0.538
Diluted Shares Outstanding	31.47
Cost of Debt
Tax Rate	28.96
After-tax Cost of Debt	0.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.072
Total Debt	492.50
Total Equity	1,007.01
Total Capital	1,499.51
Debt Weighting	32.84
Equity Weighting	67.16
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	261.59	277.50	250.29	223.12	271.09	275.78	280.55	285.40	290.34	295.36
Operating Cash Flow	12.78	5.82	1.35	21.26	64.72	22.57	22.96	23.36	23.77	24.18
Capital Expenditure	-10.16	-6.29	-9.26	-5.01	-7.22	-8.14	-8.28	-8.42	-8.57	-8.72
Free Cash Flow	2.62	-0.46	-7.91	16.25	57.51	14.43	14.68	14.94	15.20	15.46
WACC
PV LFCF						13.28	12.96	12.64	12.33	12.04
SUM PV LFCF										65.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.26
Free cash flow (t + 1)	15.77
Terminal Value	697.69
Present Value of Terminal Value	566.34

Intrinsic Value

Enterprise Value	632.28
Net Debt	481.93
Equity Value	150.35
Shares Outstanding	31.47
Equity Value Per Share	4.78