Discounted Cash Flow (DCF) Analysis Levered

Caisse régionale de Crédit Agricole... (CIV.PA)

62.61 €

+0.21 (+0.34%)

All numbers are in Millions, Currency in USD

Stock DCF: 384.74 | 62.61 | 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	278.97	245.62	253.71	206.51	264	264.37	264.75	265.13	265.51	265.89
Revenue (%)
Operating Cash Flow	5.18	81.86	254.83	96.33	864.64	269.55	269.94	270.33	270.71	271.10
Operating Cash Flow (%)
Capital Expenditure	-14.49	-15.28	-13.30	-8.09	-9.48	-12.78	-12.80	-12.81	-12.83	-12.85
Capital Expenditure (%)
Free Cash Flow	-9.30	66.57	241.54	88.24	855.16	256.78	257.14	257.51	257.88	258.25

Weighted Average Cost Of Capital

Share price	$ 62.61
Beta	0.931
Diluted Shares Outstanding	6.05
Cost of Debt
Tax Rate	24.30
After-tax Cost of Debt	118.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.086
Total Debt	82.41
Total Equity	378.78
Total Capital	461.18
Debt Weighting	17.87
Equity Weighting	82.13
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	278.97	245.62	253.71	206.51	264	264.37	264.75	265.13	265.51	265.89
Operating Cash Flow	5.18	81.86	254.83	96.33	864.64	269.55	269.94	270.33	270.71	271.10
Capital Expenditure	-14.49	-15.28	-13.30	-8.09	-9.48	-12.78	-12.80	-12.81	-12.83	-12.85
Free Cash Flow	-9.30	66.57	241.54	88.24	855.16	256.78	257.14	257.51	257.88	258.25
WACC
PV LFCF						200.94	157.46	123.40	96.70	75.78
SUM PV LFCF										654.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	27.79
Free cash flow (t + 1)	263.41
Terminal Value	1,021.38
Present Value of Terminal Value	299.71

Intrinsic Value

Enterprise Value	953.99
Net Debt	-1,373.61
Equity Value	2,327.60
Shares Outstanding	6.05
Equity Value Per Share	384.74