Discounted Cash Flow (DCF) Analysis Levered

AURES Technologies S.A. (AURS.PA)

7.12 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 45.39 | 7.12 | 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	85.61	102.66	115.87	87.24	99.61	105.15	111	117.17	123.69	130.57
Revenue (%)
Operating Cash Flow	3.61	4.01	7.85	6.76	5.16	5.85	6.18	6.52	6.88	7.27
Operating Cash Flow (%)
Capital Expenditure	-0.53	-0.64	-0.40	-2.04	-0.73	-0.98	-1.03	-1.09	-1.15	-1.21
Capital Expenditure (%)
Free Cash Flow	3.08	3.37	7.45	4.72	4.43	4.87	5.14	5.43	5.73	6.05

Weighted Average Cost Of Capital

Share price	$ 7.12
Beta	1.050
Diluted Shares Outstanding	3.93
Cost of Debt
Tax Rate	34.78
After-tax Cost of Debt	0.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.645
Total Debt	24.24
Total Equity	27.97
Total Capital	52.21
Debt Weighting	46.43
Equity Weighting	53.57
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	85.61	102.66	115.87	87.24	99.61	105.15	111	117.17	123.69	130.57
Operating Cash Flow	3.61	4.01	7.85	6.76	5.16	5.85	6.18	6.52	6.88	7.27
Capital Expenditure	-0.53	-0.64	-0.40	-2.04	-0.73	-0.98	-1.03	-1.09	-1.15	-1.21
Free Cash Flow	3.08	3.37	7.45	4.72	4.43	4.87	5.14	5.43	5.73	6.05
WACC
PV LFCF						4.64	4.66	4.69	4.71	4.73
SUM PV LFCF										23.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.04
Free cash flow (t + 1)	6.17
Terminal Value	203.05
Present Value of Terminal Value	158.79

Intrinsic Value

Enterprise Value	182.23
Net Debt	3.93
Equity Value	178.30
Shares Outstanding	3.93
Equity Value Per Share	45.39