Discounted Cash Flow (DCF) Analysis Levered

Compagnie d'Entreprises CFE SA (CFEB.BR)

9.74 €

+0.23 (+2.42%)

All numbers are in Millions, Currency in USD

Stock DCF: 11.49 | 9.74 | 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	3,640.63	3,624.72	3,221.96	1,125.35	1,167.22	954.50	780.54	638.29	521.96	426.83
Revenue (%)
Operating Cash Flow	224.48	443.96	418.33	456.54	69.89	148.81	121.69	99.51	81.38	66.55
Operating Cash Flow (%)
Capital Expenditure	-453.48	-451.49	-401.33	-140.17	-145.39	-118.89	-97.22	-79.50	-65.01	-53.17
Capital Expenditure (%)
Free Cash Flow	-228.99	-7.54	17.01	316.36	-75.49	29.92	24.47	20.01	16.36	13.38

Weighted Average Cost Of Capital

Share price	$ 9.74
Beta	1.629
Diluted Shares Outstanding	25.31
Cost of Debt
Tax Rate	-384.39
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.425
Total Debt	-
Total Equity	246.56
Total Capital	246.56
Debt Weighting	0.00
Equity Weighting	100.00
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	3,640.63	3,624.72	3,221.96	1,125.35	1,167.22	954.50	780.54	638.29	521.96	426.83
Operating Cash Flow	224.48	443.96	418.33	456.54	69.89	148.81	121.69	99.51	81.38	66.55
Capital Expenditure	-453.48	-451.49	-401.33	-140.17	-145.39	-118.89	-97.22	-79.50	-65.01	-53.17
Free Cash Flow	-228.99	-7.54	17.01	316.36	-75.49	29.92	24.47	20.01	16.36	13.38
WACC
PV LFCF						26.86	19.71	14.47	10.62	7.79
SUM PV LFCF										79.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.42
Free cash flow (t + 1)	13.65
Terminal Value	144.89
Present Value of Terminal Value	84.38

Intrinsic Value

Enterprise Value	163.82
Net Debt	-127.15
Equity Value	290.97
Shares Outstanding	25.31
Equity Value Per Share	11.49