Discounted Cash Flow (DCF) Analysis Levered

Serma Group Société anonyme (ALSER.PA)

312 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -42.29 | 312 | 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 97.31107.79140.59116.39144.52161.92181.42203.26227.73255.15
Revenue (%)
Operating Cash Flow 18.0115.3119.0313.8227.3324.9527.9531.3235.0939.31
Operating Cash Flow (%)
Capital Expenditure -0.33-0.19-0.14-3.28-5.08-2.25-2.52-2.82-3.16-3.55
Capital Expenditure (%)
Free Cash Flow 17.6815.1218.8810.5422.2522.7025.4328.4931.9235.76

Weighted Average Cost Of Capital

Share price $ 312
Beta -0.330
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 23.00
After-tax Cost of Debt 1.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.270
Total Debt 34.21
Total Equity 33,535.63
Total Capital 33,569.85
Debt Weighting 0.10
Equity Weighting 99.90
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 97.31107.79140.59116.39144.52161.92181.42203.26227.73255.15
Operating Cash Flow 18.0115.3119.0313.8227.3324.9527.9531.3235.0939.31
Capital Expenditure -0.33-0.19-0.14-3.28-5.08-2.25-2.52-2.82-3.16-3.55
Free Cash Flow 17.6815.1218.8810.5422.2522.7025.4328.4931.9235.76
WACC
PV LFCF 22.4124.8027.4330.3533.58
SUM PV LFCF 138.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.27
Free cash flow (t + 1) 36.48
Terminal Value -4,997.18
Present Value of Terminal Value -4,691.60

Intrinsic Value

Enterprise Value -4,553.03
Net Debt -7.61
Equity Value -4,545.42
Shares Outstanding 107.49
Equity Value Per Share -42.29