Discounted Cash Flow (DCF) Analysis Levered

Caisse Régionale de Crédit Agricole... (CAF.PA)

73 €

-0.13 (-0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 339.04 | 73 | 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 975.85999.80992.74903.401,022.801,038.061,053.541,069.251,085.201,101.39
Revenue (%)
Operating Cash Flow 270.861,022.83612.122,127.812,458.991,386.161,406.831,427.821,449.111,470.72
Operating Cash Flow (%)
Capital Expenditure -36.93-36.52-14.79-12.02-4.26-22.16-22.49-22.83-23.17-23.51
Capital Expenditure (%)
Free Cash Flow 233.93986.31597.332,115.802,454.721,3641,384.341,404.991,425.941,447.21

Weighted Average Cost Of Capital

Share price $ 73
Beta 0.565
Diluted Shares Outstanding 28.02
Cost of Debt
Tax Rate 24.40
After-tax Cost of Debt 49.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.470
Total Debt 563.34
Total Equity 2,045.37
Total Capital 2,608.71
Debt Weighting 21.59
Equity Weighting 78.41
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 975.85999.80992.74903.401,022.801,038.061,053.541,069.251,085.201,101.39
Operating Cash Flow 270.861,022.83612.122,127.812,458.991,386.161,406.831,427.821,449.111,470.72
Capital Expenditure -36.93-36.52-14.79-12.02-4.26-22.16-22.49-22.83-23.17-23.51
Free Cash Flow 233.93986.31597.332,115.802,454.721,3641,384.341,404.991,425.941,447.21
WACC
PV LFCF 1,179.421,035.03908.31797.11699.53
SUM PV LFCF 4,619.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.65
Free cash flow (t + 1) 1,476.15
Terminal Value 10,814.32
Present Value of Terminal Value 5,227.22

Intrinsic Value

Enterprise Value 9,846.62
Net Debt 347.08
Equity Value 9,499.54
Shares Outstanding 28.02
Equity Value Per Share 339.04