Discounted Cash Flow (DCF) Analysis Levered

Courtois S.A. (COUR.PA)

131 €

-5.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 4,969.42 | 131 | 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	2.49	5.77	4.56	4.12	9.07	14.09	21.89	34.02	52.86	82.13
Revenue (%)
Operating Cash Flow	1.16	-0.97	0.25	0.07	6.19	2.97	4.61	7.17	11.14	17.31
Operating Cash Flow (%)
Capital Expenditure	-0.08	-0.04	-0.04	-0.36	-0.75	-0.61	-0.95	-1.47	-2.29	-3.55
Capital Expenditure (%)
Free Cash Flow	1.09	-1.01	0.21	-0.29	5.44	2.36	3.67	5.70	8.86	13.76

Weighted Average Cost Of Capital

Share price	$ 131
Beta	0.334
Diluted Shares Outstanding	0.07
Cost of Debt
Tax Rate	15.79
After-tax Cost of Debt	3.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.732
Total Debt	2.11
Total Equity	9.48
Total Capital	11.59
Debt Weighting	18.21
Equity Weighting	81.79
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	2.49	5.77	4.56	4.12	9.07	14.09	21.89	34.02	52.86	82.13
Operating Cash Flow	1.16	-0.97	0.25	0.07	6.19	2.97	4.61	7.17	11.14	17.31
Capital Expenditure	-0.08	-0.04	-0.04	-0.36	-0.75	-0.61	-0.95	-1.47	-2.29	-3.55
Free Cash Flow	1.09	-1.01	0.21	-0.29	5.44	2.36	3.67	5.70	8.86	13.76
WACC
PV LFCF						2.24	3.31	4.88	7.19	10.61
SUM PV LFCF										28.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.33
Free cash flow (t + 1)	14.04
Terminal Value	421.49
Present Value of Terminal Value	325.10

Intrinsic Value

Enterprise Value	353.34
Net Debt	-6.24
Equity Value	359.57
Shares Outstanding	0.07
Equity Value Per Share	4,969.42