Discounted Cash Flow (DCF) Analysis Levered

Société Centrale des Bois et des Sc... (CBSM.PA)

9.7 €

-0.05 (-0.51%)

All numbers are in Millions, Currency in USD

Stock DCF: 60.97 | 9.7 | 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	18.09	15.84	17.45	17.18	18.76	19.02	19.27	19.53	19.80	20.06
Revenue (%)
Operating Cash Flow	14.19	5.98	8.43	14.02	11.29	11.65	11.81	11.97	12.13	12.29
Operating Cash Flow (%)
Capital Expenditure	11.24	9.85	10.84	10.68	11.66	11.82	11.98	12.14	12.31	12.47
Capital Expenditure (%)
Free Cash Flow	25.44	15.82	19.27	24.70	22.95	23.47	23.79	24.11	24.43	24.76

Weighted Average Cost Of Capital

Share price	$ 9.7
Beta	0.746
Diluted Shares Outstanding	13.43
Cost of Debt
Tax Rate	0.02
After-tax Cost of Debt	2.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.959
Total Debt	239.49
Total Equity	130.31
Total Capital	369.79
Debt Weighting	64.76
Equity Weighting	35.24
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	18.09	15.84	17.45	17.18	18.76	19.02	19.27	19.53	19.80	20.06
Operating Cash Flow	14.19	5.98	8.43	14.02	11.29	11.65	11.81	11.97	12.13	12.29
Capital Expenditure	11.24	9.85	10.84	10.68	11.66	11.82	11.98	12.14	12.31	12.47
Free Cash Flow	25.44	15.82	19.27	24.70	22.95	23.47	23.79	24.11	24.43	24.76
WACC
PV LFCF						22.51	21.89	21.28	20.69	20.11
SUM PV LFCF										106.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.25
Free cash flow (t + 1)	25.26
Terminal Value	1,122.57
Present Value of Terminal Value	911.66

Intrinsic Value

Enterprise Value	1,018.13
Net Debt	199.10
Equity Value	819.03
Shares Outstanding	13.43
Equity Value Per Share	60.97