Discounted Cash Flow (DCF) Analysis Levered

Caisse Régionale de Crédit Agricole... (CRAP.PA)

75.2 €

-0.30 (-0.40%)

All numbers are in Millions, Currency in USD

Stock DCF: 508.98 | 75.2 | 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	421.50	364.08	382.86	341.95	427.12	433.27	439.50	445.83	452.25	458.75
Revenue (%)
Operating Cash Flow	232.45	261.96	75.17	1,208.02	720.69	579.49	587.83	596.29	604.87	613.58
Operating Cash Flow (%)
Capital Expenditure	-13.50	-11.98	-7.96	-13.50	-4.75	-11.81	-11.98	-12.15	-12.33	-12.51
Capital Expenditure (%)
Free Cash Flow	218.95	249.98	67.21	1,194.53	715.94	567.67	575.85	584.13	592.54	601.07

Weighted Average Cost Of Capital

Share price	$ 75.2
Beta	0.658
Diluted Shares Outstanding	7.44
Cost of Debt
Tax Rate	23.07
After-tax Cost of Debt	20.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.802
Total Debt	736.68
Total Equity	559.48
Total Capital	1,296.15
Debt Weighting	56.84
Equity Weighting	43.16
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	421.50	364.08	382.86	341.95	427.12	433.27	439.50	445.83	452.25	458.75
Operating Cash Flow	232.45	261.96	75.17	1,208.02	720.69	579.49	587.83	596.29	604.87	613.58
Capital Expenditure	-13.50	-11.98	-7.96	-13.50	-4.75	-11.81	-11.98	-12.15	-12.33	-12.51
Free Cash Flow	218.95	249.98	67.21	1,194.53	715.94	567.67	575.85	584.13	592.54	601.07
WACC
PV LFCF						495.05	437.93	387.40	342.70	303.16
SUM PV LFCF										1,966.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	14.67
Free cash flow (t + 1)	613.09
Terminal Value	4,838.92
Present Value of Terminal Value	2,440.61

Intrinsic Value

Enterprise Value	4,406.86
Net Debt	620.11
Equity Value	3,786.76
Shares Outstanding	7.44
Equity Value Per Share	508.98