Discounted Cash Flow (DCF) Analysis Levered

Umanis SA (ALUMS.PA)

17.15 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 23.50 | 17.15 | undervalue

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	191.07	206.74	219.22	214.87	245.95	262.38	279.91	298.61	318.55	339.83
Revenue (%)
Operating Cash Flow	7.43	15.96	-13.12	48.38	26.92	20.51	21.88	23.34	24.90	26.57
Operating Cash Flow (%)
Capital Expenditure	-2.64	-2.62	-1.49	-0.53	-1.12	-2.12	-2.26	-2.41	-2.57	-2.74
Capital Expenditure (%)
Free Cash Flow	4.79	13.34	-14.61	47.86	25.80	18.40	19.63	20.94	22.33	23.83

Weighted Average Cost Of Capital

Share price	$ 17.15
Beta	0.858
Diluted Shares Outstanding	18.55
Cost of Debt
Tax Rate	27.49
After-tax Cost of Debt	2.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.431
Total Debt	65.71
Total Equity	318.20
Total Capital	383.91
Debt Weighting	17.12
Equity Weighting	82.88
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	191.07	206.74	219.22	214.87	245.95	262.38	279.91	298.61	318.55	339.83
Operating Cash Flow	7.43	15.96	-13.12	48.38	26.92	20.51	21.88	23.34	24.90	26.57
Capital Expenditure	-2.64	-2.62	-1.49	-0.53	-1.12	-2.12	-2.26	-2.41	-2.57	-2.74
Free Cash Flow	4.79	13.34	-14.61	47.86	25.80	18.40	19.63	20.94	22.33	23.83
WACC
PV LFCF						12.54	12.55	12.57	12.58	12.59
SUM PV LFCF										86.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.59
Free cash flow (t + 1)	24.30
Terminal Value	529.48
Present Value of Terminal Value	384.83

Intrinsic Value

Enterprise Value	471.27
Net Debt	35.31
Equity Value	435.95
Shares Outstanding	18.55
Equity Value Per Share	23.50