Discounted Cash Flow (DCF) Analysis Levered

TXCOM Société Anonyme (ALTXC.PA)

8.55 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.71 | 8.55 | 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	9.08	9.77	11.35	13.12	13.62	15.09	16.72	18.53	20.53	22.75
Revenue (%)
Operating Cash Flow	0.50	2.04	0.78	0.40	1.95	1.53	1.69	1.88	2.08	2.30
Operating Cash Flow (%)
Capital Expenditure	-0.37	-0.12	-0.31	-0.24	-0.33	-0.37	-0.41	-0.45	-0.50	-0.56
Capital Expenditure (%)
Free Cash Flow	0.13	1.92	0.47	0.16	1.62	1.16	1.28	1.42	1.58	1.75

Weighted Average Cost Of Capital

Share price	$ 8.55
Beta	0.498
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	24.81
After-tax Cost of Debt	0.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.198
Total Debt	1.40
Total Equity	682.87
Total Capital	684.27
Debt Weighting	0.21
Equity Weighting	99.79
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	9.08	9.77	11.35	13.12	13.62	15.09	16.72	18.53	20.53	22.75
Operating Cash Flow	0.50	2.04	0.78	0.40	1.95	1.53	1.69	1.88	2.08	2.30
Capital Expenditure	-0.37	-0.12	-0.31	-0.24	-0.33	-0.37	-0.41	-0.45	-0.50	-0.56
Free Cash Flow	0.13	1.92	0.47	0.16	1.62	1.16	1.28	1.42	1.58	1.75
WACC
PV LFCF						1.10	1.16	1.22	1.29	1.36
SUM PV LFCF										6.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.19
Free cash flow (t + 1)	1.78
Terminal Value	55.87
Present Value of Terminal Value	43.38

Intrinsic Value

Enterprise Value	49.51
Net Debt	-7.31
Equity Value	56.82
Shares Outstanding	79.87
Equity Value Per Share	0.71