Discounted Cash Flow (DCF) Analysis Levered

Visiativ SA (ALVIV.PA)

30.5 €

+0.50 (+1.67%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.02 | 30.5 | 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	124.39	163.22	203.22	189.95	214.40	247.67	286.10	330.49	381.76	441
Revenue (%)
Operating Cash Flow	8.32	7.63	7.39	14.43	26.90	17.41	20.11	23.23	26.83	31
Operating Cash Flow (%)
Capital Expenditure	-4.94	-5.09	-6.76	-8.72	-12.20	-10.25	-11.84	-13.68	-15.81	-18.26
Capital Expenditure (%)
Free Cash Flow	3.38	2.54	0.63	5.71	14.70	7.15	8.26	9.55	11.03	12.74

Weighted Average Cost Of Capital

Share price	$ 30.5
Beta	1.357
Diluted Shares Outstanding	107.49
Cost of Debt
Tax Rate	23.62
After-tax Cost of Debt	1.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.109
Total Debt	98.50
Total Equity	3,278.32
Total Capital	3,376.82
Debt Weighting	2.92
Equity Weighting	97.08
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	124.39	163.22	203.22	189.95	214.40	247.67	286.10	330.49	381.76	441
Operating Cash Flow	8.32	7.63	7.39	14.43	26.90	17.41	20.11	23.23	26.83	31
Capital Expenditure	-4.94	-5.09	-6.76	-8.72	-12.20	-10.25	-11.84	-13.68	-15.81	-18.26
Free Cash Flow	3.38	2.54	0.63	5.71	14.70	7.15	8.26	9.55	11.03	12.74
WACC
PV LFCF						6.51	6.85	7.20	7.57	7.96
SUM PV LFCF										36.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.86
Free cash flow (t + 1)	12.99
Terminal Value	165.32
Present Value of Terminal Value	103.31

Intrinsic Value

Enterprise Value	139.40
Net Debt	29.80
Equity Value	109.60
Shares Outstanding	107.49
Equity Value Per Share	1.02