Discounted Cash Flow (DCF) Analysis Levered

BigBen Interactive (BIG.PA)

5.24 €

-0.10 (-1.87%)

All numbers are in Millions, Currency in USD

Stock DCF: -51.25 | 5.24 | overvalue

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	245.41	245.50	263.50	292.83	275.71	284.43	293.43	302.71	312.29	322.17
Revenue (%)
Operating Cash Flow	21.03	22.55	27.55	52.57	35.61	33.61	34.67	35.76	36.90	38.06
Operating Cash Flow (%)
Capital Expenditure	-18.43	-30.29	-36.47	-52.63	-59.97	-41.76	-43.09	-44.45	-45.85	-47.30
Capital Expenditure (%)
Free Cash Flow	2.59	-7.74	-8.93	-0.07	-24.36	-8.16	-8.42	-8.68	-8.96	-9.24

Weighted Average Cost Of Capital

Share price	$ 5.24
Beta	0.944
Diluted Shares Outstanding	19.72
Cost of Debt
Tax Rate	48.88
After-tax Cost of Debt	0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.167
Total Debt	239.27
Total Equity	103.33
Total Capital	342.60
Debt Weighting	69.84
Equity Weighting	30.16
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	245.41	245.50	263.50	292.83	275.71	284.43	293.43	302.71	312.29	322.17
Operating Cash Flow	21.03	22.55	27.55	52.57	35.61	33.61	34.67	35.76	36.90	38.06
Capital Expenditure	-18.43	-30.29	-36.47	-52.63	-59.97	-41.76	-43.09	-44.45	-45.85	-47.30
Free Cash Flow	2.59	-7.74	-8.93	-0.07	-24.36	-8.16	-8.42	-8.68	-8.96	-9.24
WACC
PV LFCF						-7.93	-7.94	-7.96	-7.97	-7.99
SUM PV LFCF										-39.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.95
Free cash flow (t + 1)	-9.43
Terminal Value	-992.23
Present Value of Terminal Value	-857.99

Intrinsic Value

Enterprise Value	-897.78
Net Debt	112.83
Equity Value	-1,010.60
Shares Outstanding	19.72
Equity Value Per Share	-51.25