Discounted Cash Flow (DCF) Analysis Levered

NSE S.A. (ALNSE.PA)

19.8 €

+0.20 (+1.02%)

All numbers are in Millions, Currency in USD

Stock DCF: 4.75 | 19.8 | 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	64.09	66.70	76.04	70.40	66.63	67.51	68.40	69.30	70.22	71.15
Revenue (%)
Operating Cash Flow	1.94	2.40	9.43	1.74	15.25	6	6.08	6.16	6.24	6.32
Operating Cash Flow (%)
Capital Expenditure	-1.58	-1.02	-1.33	-2.08	-3.05	-1.79	-1.81	-1.84	-1.86	-1.89
Capital Expenditure (%)
Free Cash Flow	0.36	1.39	8.10	-0.33	12.20	4.21	4.26	4.32	4.38	4.43

Weighted Average Cost Of Capital

Share price	$ 19.8
Beta	0.267
Diluted Shares Outstanding	31.43
Cost of Debt
Tax Rate	28.50
After-tax Cost of Debt	1.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.864
Total Debt	8.44
Total Equity	622.26
Total Capital	630.70
Debt Weighting	1.34
Equity Weighting	98.66
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	64.09	66.70	76.04	70.40	66.63	67.51	68.40	69.30	70.22	71.15
Operating Cash Flow	1.94	2.40	9.43	1.74	15.25	6	6.08	6.16	6.24	6.32
Capital Expenditure	-1.58	-1.02	-1.33	-2.08	-3.05	-1.79	-1.81	-1.84	-1.86	-1.89
Free Cash Flow	0.36	1.39	8.10	-0.33	12.20	4.21	4.26	4.32	4.38	4.43
WACC
PV LFCF						4.01	3.88	3.75	3.62	3.50
SUM PV LFCF										18.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.82
Free cash flow (t + 1)	4.52
Terminal Value	160.34
Present Value of Terminal Value	126.71

Intrinsic Value

Enterprise Value	145.48
Net Debt	-3.65
Equity Value	149.14
Shares Outstanding	31.43
Equity Value Per Share	4.75