Discounted Cash Flow (DCF) Analysis Levered

Centrale d'Achat Française pour l'O... (CAFO.PA)

9.56 €

-0.14 (-1.44%)

All numbers are in Millions, Currency in USD

Stock DCF: 59.94 | 9.56 | 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	412.91	304.32	316.66	397.86	397.64	400.96	404.31	407.69	411.09	414.53
Revenue (%)
Operating Cash Flow	-5.76	11.61	43.08	33.82	26.41	24.99	25.20	25.41	25.62	25.84
Operating Cash Flow (%)
Capital Expenditure	-11.44	-12.48	-9.22	-17.42	-8.10	-12.99	-13.10	-13.21	-13.32	-13.43
Capital Expenditure (%)
Free Cash Flow	-17.20	-0.87	33.86	16.40	18.31	12	12.10	12.20	12.30	12.41

Weighted Average Cost Of Capital

Share price	$ 9.56
Beta	0.730
Diluted Shares Outstanding	9.39
Cost of Debt
Tax Rate	47.32
After-tax Cost of Debt	1.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.181
Total Debt	165.23
Total Equity	89.81
Total Capital	255.04
Debt Weighting	64.79
Equity Weighting	35.21
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	412.91	304.32	316.66	397.86	397.64	400.96	404.31	407.69	411.09	414.53
Operating Cash Flow	-5.76	11.61	43.08	33.82	26.41	24.99	25.20	25.41	25.62	25.84
Capital Expenditure	-11.44	-12.48	-9.22	-17.42	-8.10	-12.99	-13.10	-13.21	-13.32	-13.43
Free Cash Flow	-17.20	-0.87	33.86	16.40	18.31	12	12.10	12.20	12.30	12.41
WACC
PV LFCF						11.58	11.27	10.96	10.66	10.38
SUM PV LFCF										54.85

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.64
Free cash flow (t + 1)	12.66
Terminal Value	771.65
Present Value of Terminal Value	645.33

Intrinsic Value

Enterprise Value	700.18
Net Debt	137.07
Equity Value	563.12
Shares Outstanding	9.39
Equity Value Per Share	59.94