Discounted Cash Flow (DCF) Analysis Levered

CGG (CGG.PA)

0.7334 €

+0.01 (+1.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.40 | 0.7334 | overvalue

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 1,3201,1821,342.10878.701,062.201,034.171,006.88980.32954.45929.26
Revenue (%)
Operating Cash Flow 197.90365.30751.40264.30336.70338.51329.58320.88312.41304.17
Operating Cash Flow (%)
Capital Expenditure -332.70-300.80-261-303.10-226.90-260.52-253.65-246.95-240.44-234.09
Capital Expenditure (%)
Free Cash Flow -134.8064.50490.40-38.80109.8077.9975.9373.9371.9870.08

Weighted Average Cost Of Capital

Share price $ 0.7,334
Beta 2.774
Diluted Shares Outstanding 711.53
Cost of Debt
Tax Rate 3.01
After-tax Cost of Debt 8.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.972
Total Debt 1,352.30
Total Equity 521.83
Total Capital 1,874.13
Debt Weighting 72.16
Equity Weighting 27.84
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 1,3201,1821,342.10878.701,062.201,034.171,006.88980.32954.45929.26
Operating Cash Flow 197.90365.30751.40264.30336.70338.51329.58320.88312.41304.17
Capital Expenditure -332.70-300.80-261-303.10-226.90-260.52-253.65-246.95-240.44-234.09
Free Cash Flow -134.8064.50490.40-38.80109.8077.9975.9373.9371.9870.08
WACC
PV LFCF 70.2561.6254.0447.4041.57
SUM PV LFCF 274.88

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.01
Free cash flow (t + 1) 71.48
Terminal Value 793.33
Present Value of Terminal Value 470.59

Intrinsic Value

Enterprise Value 745.47
Net Debt 1,033.10
Equity Value -287.63
Shares Outstanding 711.53
Equity Value Per Share -0.40