Discounted Cash Flow (DCF) Analysis Levered

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

75 €

-0.99 (-1.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 405.01 | 75 | 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	434.16	445.72	440.84	378.07	451.31	458.87	466.56	474.38	482.33	490.41
Revenue (%)
Operating Cash Flow	339.90	-310.34	540.89	475.09	1,203.88	480.69	488.74	496.93	505.26	513.72
Operating Cash Flow (%)
Capital Expenditure	-20.10	-32.11	-33.69	-29.82	-28.53	-30.91	-31.43	-31.96	-32.49	-33.04
Capital Expenditure (%)
Free Cash Flow	319.80	-342.44	507.21	445.27	1,175.35	449.78	457.31	464.98	472.77	480.69

Weighted Average Cost Of Capital

Share price	$ 75
Beta	0.000
Diluted Shares Outstanding	7.39
Cost of Debt
Tax Rate	24.42
After-tax Cost of Debt	30.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.481
Total Debt	426.37
Total Equity	554.25
Total Capital	980.62
Debt Weighting	43.48
Equity Weighting	56.52
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	434.16	445.72	440.84	378.07	451.31	458.87	466.56	474.38	482.33	490.41
Operating Cash Flow	339.90	-310.34	540.89	475.09	1,203.88	480.69	488.74	496.93	505.26	513.72
Capital Expenditure	-20.10	-32.11	-33.69	-29.82	-28.53	-30.91	-31.43	-31.96	-32.49	-33.04
Free Cash Flow	319.80	-342.44	507.21	445.27	1,175.35	449.78	457.31	464.98	472.77	480.69
WACC
PV LFCF						390.09	344	303.35	267.50	235.89
SUM PV LFCF										1,540.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	15.30
Free cash flow (t + 1)	490.30
Terminal Value	3,686.47
Present Value of Terminal Value	1,809.11

Intrinsic Value

Enterprise Value	3,349.95
Net Debt	356.89
Equity Value	2,993.05
Shares Outstanding	7.39
Equity Value Per Share	405.01