Discounted Cash Flow (DCF) Analysis Levered

Moulinvest SA (ALMOU.PA)

27.15 €

-0.05 (-0.18%)

All numbers are in Millions, Currency in USD

Stock DCF: -11.03 | 27.15 | overvalue

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	61.33	64.02	66.24	93.68	114.09	134.36	158.24	186.35	219.46	258.46
Revenue (%)
Operating Cash Flow	10.31	9.07	13.29	15.12	22.29	23.30	27.44	32.32	38.06	44.83
Operating Cash Flow (%)
Capital Expenditure	-18.59	-17.35	-10.85	-7.42	-8.41	-23.94	-28.20	-33.21	-39.11	-46.06
Capital Expenditure (%)
Free Cash Flow	-8.28	-8.29	2.44	7.70	13.88	-0.64	-0.75	-0.89	-1.05	-1.23

Weighted Average Cost Of Capital

Share price	$ 27.15
Beta	1.837
Diluted Shares Outstanding	3.03
Cost of Debt
Tax Rate	26.80
After-tax Cost of Debt	1.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.479
Total Debt	44.54
Total Equity	82.17
Total Capital	126.71
Debt Weighting	35.15
Equity Weighting	64.85
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	61.33	64.02	66.24	93.68	114.09	134.36	158.24	186.35	219.46	258.46
Operating Cash Flow	10.31	9.07	13.29	15.12	22.29	23.30	27.44	32.32	38.06	44.83
Capital Expenditure	-18.59	-17.35	-10.85	-7.42	-8.41	-23.94	-28.20	-33.21	-39.11	-46.06
Free Cash Flow	-8.28	-8.29	2.44	7.70	13.88	-0.64	-0.75	-0.89	-1.05	-1.23
WACC
PV LFCF						-0.59	-0.64	-0.69	-0.75	-0.81
SUM PV LFCF										-3.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.70
Free cash flow (t + 1)	-1.26
Terminal Value	-18.75
Present Value of Terminal Value	-12.36

Intrinsic Value

Enterprise Value	-15.84
Net Debt	17.54
Equity Value	-33.38
Shares Outstanding	3.03
Equity Value Per Share	-11.03