Discounted Cash Flow (DCF) Analysis Levered

Coty Inc. (COTY)

$10.155

-0.07 (-0.64%)

All numbers are in Millions, Currency in USD

Stock DCF: -4.51 | 10.155 | overvalue

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	9,398	8,648.50	4,717.80	4,629.90	5,304.40	4,764.42	4,279.41	3,843.77	3,452.48	3,101.02
Revenue (%)
Operating Cash Flow	413.70	639.60	-50.90	318.70	726.60	298.25	267.89	240.62	216.13	194.13
Operating Cash Flow (%)
Capital Expenditure	-446.40	-426.60	-267.40	-173.90	-174.10	-213.34	-191.62	-172.11	-154.59	-138.86
Capital Expenditure (%)
Free Cash Flow	-32.70	213	-318.30	144.80	552.50	84.92	76.27	68.51	61.53	55.27

Weighted Average Cost Of Capital

Share price	$ 10.155
Beta	1.856
Diluted Shares Outstanding	834.10
Cost of Debt
Tax Rate	39.20
After-tax Cost of Debt	3.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.381
Total Debt	4,794.90
Total Equity	8,470.29
Total Capital	13,265.19
Debt Weighting	36.15
Equity Weighting	63.85
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	9,398	8,648.50	4,717.80	4,629.90	5,304.40	4,764.42	4,279.41	3,843.77	3,452.48	3,101.02
Operating Cash Flow	413.70	639.60	-50.90	318.70	726.60	298.25	267.89	240.62	216.13	194.13
Capital Expenditure	-446.40	-426.60	-267.40	-173.90	-174.10	-213.34	-191.62	-172.11	-154.59	-138.86
Free Cash Flow	-32.70	213	-318.30	144.80	552.50	84.92	76.27	68.51	61.53	55.27
WACC
PV LFCF						77.90	64.18	52.89	43.58	35.90
SUM PV LFCF										274.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.01
Free cash flow (t + 1)	56.37
Terminal Value	804.21
Present Value of Terminal Value	522.44

Intrinsic Value

Enterprise Value	796.89
Net Debt	4,561.60
Equity Value	-3,764.71
Shares Outstanding	834.10
Equity Value Per Share	-4.51