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	97.31	107.79	140.59	116.39	144.52	161.92	181.42	203.26	227.73	255.15
Revenue (%)
Operating Cash Flow	18.01	15.31	19.03	13.82	27.33	24.95	27.95	31.32	35.09	39.31
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	17.68	15.12	18.88	10.54	22.25	22.70	25.43	28.49	31.92	35.76

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	97.31	107.79	140.59	116.39	144.52	161.92	181.42	203.26	227.73	255.15
Operating Cash Flow	18.01	15.31	19.03	13.82	27.33	24.95	27.95	31.32	35.09	39.31
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	17.68	15.12	18.88	10.54	22.25	22.70	25.43	28.49	31.92	35.76
WACC
PV LFCF						22.41	24.80	27.43	30.35	33.58
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