Discounted Cash Flow (DCF) Analysis Levered

Envea Société Anonyme (ALTEV.PA)

167.5 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 38.95 | 167.5 | overvalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	76.85	80.73	92.29	100.41	80.39	82.05	83.73	85.46	87.22	89.01
Revenue (%)
Operating Cash Flow	3.01	3.55	8.58	11.47	0.59	4.89	4.99	5.09	5.19	5.30
Operating Cash Flow (%)
Capital Expenditure	-1.37	-1.19	-1.11	-2.57	-0.88	-1.33	-1.36	-1.39	-1.42	-1.44
Capital Expenditure (%)
Free Cash Flow	1.64	2.36	7.47	8.89	-0.29	3.55	3.63	3.70	3.78	3.85

Weighted Average Cost Of Capital

Share price	$ 167.5
Beta	1.010
Diluted Shares Outstanding	1.69
Cost of Debt
Tax Rate	8.68
After-tax Cost of Debt	0.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.456
Total Debt	5.92
Total Equity	282.76
Total Capital	288.68
Debt Weighting	2.05
Equity Weighting	97.95
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	76.85	80.73	92.29	100.41	80.39	82.05	83.73	85.46	87.22	89.01
Operating Cash Flow	3.01	3.55	8.58	11.47	0.59	4.89	4.99	5.09	5.19	5.30
Capital Expenditure	-1.37	-1.19	-1.11	-2.57	-0.88	-1.33	-1.36	-1.39	-1.42	-1.44
Free Cash Flow	1.64	2.36	7.47	8.89	-0.29	3.55	3.63	3.70	3.78	3.85
WACC
PV LFCF						3.28	3.09	2.91	2.75	2.59
SUM PV LFCF										14.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.30
Free cash flow (t + 1)	3.93
Terminal Value	62.41
Present Value of Terminal Value	41.89

Intrinsic Value

Enterprise Value	56.51
Net Debt	-9.24
Equity Value	65.76
Shares Outstanding	1.69
Equity Value Per Share	38.95