Discounted Cash Flow (DCF) Analysis Levered

Aperam S.A. (APAM.AS)

27.09 €

-0.18 (-0.66%)

All numbers are in Millions, Currency in USD

Stock DCF: 134.02 | 27.09 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4,677	4,240	3,624	5,102	8,156	9,721.35	11,587.14	13,811.02	16,461.72	19,621.17
Revenue (%)
Operating Cash Flow	295	400	303	550	642	831.25	990.79	1,180.95	1,407.61	1,677.76
Operating Cash Flow (%)
Capital Expenditure	-192	-151	-109	-152	-296	-336.02	-400.51	-477.38	-569.01	-678.21
Capital Expenditure (%)
Free Cash Flow	103	249	194	398	346	495.23	590.28	703.57	838.60	999.55

Weighted Average Cost Of Capital

Share price	$ 27.09
Beta	1.947
Diluted Shares Outstanding	75.40
Cost of Debt
Tax Rate	16.89
After-tax Cost of Debt	1.98%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.630
Total Debt	925
Total Equity	2,042.67
Total Capital	2,967.67
Debt Weighting	31.17
Equity Weighting	68.83
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	4,677	4,240	3,624	5,102	8,156	9,721.35	11,587.14	13,811.02	16,461.72	19,621.17
Operating Cash Flow	295	400	303	550	642	831.25	990.79	1,180.95	1,407.61	1,677.76
Capital Expenditure	-192	-151	-109	-152	-296	-336.02	-400.51	-477.38	-569.01	-678.21
Free Cash Flow	103	249	194	398	346	495.23	590.28	703.57	838.60	999.55
WACC
PV LFCF						450.21	487.83	528.60	572.78	620.64
SUM PV LFCF										2,660.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.00
Free cash flow (t + 1)	1,019.54
Terminal Value	12,744.28
Present Value of Terminal Value	7,913.19

Intrinsic Value

Enterprise Value	10,573.26
Net Debt	468
Equity Value	10,105.26
Shares Outstanding	75.40
Equity Value Per Share	134.02