Discounted Cash Flow (DCF) Analysis Levered

Vente-Unique.com SA (ALVU.PA)

10.5 €

+0.80 (+8.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 20.98 | 10.5 | 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 76.7887.2095.85118.85163.46198.21240.34291.42353.37428.48
Revenue (%)
Operating Cash Flow 6.113.532.2810.6712.7012.3414.9618.142226.67
Operating Cash Flow (%)
Capital Expenditure -0.94-1.46-1.61-1.45-1.70-2.71-3.28-3.98-4.82-5.85
Capital Expenditure (%)
Free Cash Flow 5.172.070.679.2211.019.6311.6814.1617.1720.82

Weighted Average Cost Of Capital

Share price $ 10.5
Beta 1.681
Diluted Shares Outstanding 9.66
Cost of Debt
Tax Rate 26.43
After-tax Cost of Debt 3.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.638
Total Debt 2.11
Total Equity 101.44
Total Capital 103.55
Debt Weighting 2.04
Equity Weighting 97.96
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 76.7887.2095.85118.85163.46198.21240.34291.42353.37428.48
Operating Cash Flow 6.113.532.2810.6712.7012.3414.9618.142226.67
Capital Expenditure -0.94-1.46-1.61-1.45-1.70-2.71-3.28-3.98-4.82-5.85
Free Cash Flow 5.172.070.679.2211.019.6311.6814.1617.1720.82
WACC
PV LFCF 8.649.4010.2311.1312.11
SUM PV LFCF 51.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.46
Free cash flow (t + 1) 21.24
Terminal Value 224.53
Present Value of Terminal Value 130.52

Intrinsic Value

Enterprise Value 182.03
Net Debt -20.68
Equity Value 202.71
Shares Outstanding 9.66
Equity Value Per Share 20.98