Discounted Cash Flow (DCF) Analysis Levered

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

60.69 €

-0.01 (-0.02%)

All numbers are in Millions, Currency in USD

Stock DCF: 111.32 | 60.69 | 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	427.72	393.81	395.42	370.55	409.80	406.51	403.24	400	396.78	393.59
Revenue (%)
Operating Cash Flow	7.21	34.37	241.82	189.50	672.34	233.15	231.28	229.42	227.57	225.74
Operating Cash Flow (%)
Capital Expenditure	-31.68	-16.01	-14.60	-22.50	-27.97	-22.81	-22.63	-22.45	-22.27	-22.09
Capital Expenditure (%)
Free Cash Flow	-24.46	18.36	227.23	167	644.37	210.34	208.65	206.97	205.31	203.65

Weighted Average Cost Of Capital

Share price	$ 60.69
Beta	0.416
Diluted Shares Outstanding	8.10
Cost of Debt
Tax Rate	25.02
After-tax Cost of Debt	172.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.484
Total Debt	63.66
Total Equity	491.85
Total Capital	555.51
Debt Weighting	11.46
Equity Weighting	88.54
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	427.72	393.81	395.42	370.55	409.80	406.51	403.24	400	396.78	393.59
Operating Cash Flow	7.21	34.37	241.82	189.50	672.34	233.15	231.28	229.42	227.57	225.74
Capital Expenditure	-31.68	-16.01	-14.60	-22.50	-27.97	-22.81	-22.63	-22.45	-22.27	-22.09
Free Cash Flow	-24.46	18.36	227.23	167	644.37	210.34	208.65	206.97	205.31	203.65
WACC
PV LFCF						135.33	107.68	85.68	68.17	54.24
SUM PV LFCF										562.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	24.67
Free cash flow (t + 1)	207.73
Terminal Value	916.31
Present Value of Terminal Value	304.25

Intrinsic Value

Enterprise Value	866.63
Net Debt	-35.51
Equity Value	902.14
Shares Outstanding	8.10
Equity Value Per Share	111.32