Discounted Cash Flow (DCF) Analysis Levered

Piscines Desjoyaux SA (ALPDX.PA)

12.15 €

+0.10 (+0.83%)

All numbers are in Millions, Currency in USD

Stock DCF: 78.00 | 12.15 | 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	92.27	103.16	115.51	161.21	160.54	185.80	215.02	248.84	287.99	333.29
Revenue (%)
Operating Cash Flow	11.80	19.45	21.51	30.94	15.02	29.29	33.89	39.22	45.39	52.53
Operating Cash Flow (%)
Capital Expenditure	-6.56	-4.80	-8.05	-9.01	-9.55	-11.24	-13.01	-15.06	-17.43	-20.17
Capital Expenditure (%)
Free Cash Flow	5.25	14.65	13.46	21.93	5.47	18.04	20.88	24.16	27.96	32.36

Weighted Average Cost Of Capital

Share price	$ 12.15
Beta	1.026
Diluted Shares Outstanding	8.98
Cost of Debt
Tax Rate	25.38
After-tax Cost of Debt	0.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.535
Total Debt	40.38
Total Equity	109.16
Total Capital	149.55
Debt Weighting	27.00
Equity Weighting	73.00
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	92.27	103.16	115.51	161.21	160.54	185.80	215.02	248.84	287.99	333.29
Operating Cash Flow	11.80	19.45	21.51	30.94	15.02	29.29	33.89	39.22	45.39	52.53
Capital Expenditure	-6.56	-4.80	-8.05	-9.01	-9.55	-11.24	-13.01	-15.06	-17.43	-20.17
Free Cash Flow	5.25	14.65	13.46	21.93	5.47	18.04	20.88	24.16	27.96	32.36
WACC
PV LFCF						15.97	17.39	18.93	20.61	22.44
SUM PV LFCF										101.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.29
Free cash flow (t + 1)	33.01
Terminal Value	769.46
Present Value of Terminal Value	567.18

Intrinsic Value

Enterprise Value	668.53
Net Debt	-32.29
Equity Value	700.82
Shares Outstanding	8.98
Equity Value Per Share	78.00