Discounted Cash Flow (DCF) Analysis Levered

Lexibook - Linguistic Electronic Sy... (ALLEX.PA)

2.6 €

-0.08 (-2.99%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.34 | 2.6 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	26.78	21.43	23.20	27.36	45.25	53.35	62.90	74.16	87.43	103.08
Revenue (%)
Operating Cash Flow	2.87	-1.74	3.41	2.25	-2.47	2.14	2.53	2.98	3.51	4.14
Operating Cash Flow (%)
Capital Expenditure	-0.37	-0.33	-0.21	-0.06	-0.24	-0.49	-0.58	-0.68	-0.80	-0.94
Capital Expenditure (%)
Free Cash Flow	2.50	-2.06	3.21	2.18	-2.71	1.65	1.95	2.30	2.71	3.20

Weighted Average Cost Of Capital

Share price	$ 2.6
Beta	2.084
Diluted Shares Outstanding	7.76
Cost of Debt
Tax Rate	6.42
After-tax Cost of Debt	3.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.365
Total Debt	9.32
Total Equity	20.18
Total Capital	29.51
Debt Weighting	31.60
Equity Weighting	68.40
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	26.78	21.43	23.20	27.36	45.25	53.35	62.90	74.16	87.43	103.08
Operating Cash Flow	2.87	-1.74	3.41	2.25	-2.47	2.14	2.53	2.98	3.51	4.14
Capital Expenditure	-0.37	-0.33	-0.21	-0.06	-0.24	-0.49	-0.58	-0.68	-0.80	-0.94
Free Cash Flow	2.50	-2.06	3.21	2.18	-2.71	1.65	1.95	2.30	2.71	3.20
WACC
PV LFCF						0.92	0.98	1.05	1.12	1.20
SUM PV LFCF										8.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.27
Free cash flow (t + 1)	3.26
Terminal Value	39.43
Present Value of Terminal Value	24.19

Intrinsic Value

Enterprise Value	32.80
Net Debt	6.88
Equity Value	25.93
Shares Outstanding	7.76
Equity Value Per Share	3.34