Discounted Cash Flow (DCF) Analysis Levered

Constellium SE (CSTM)

$14.8

-1.04 (-6.57%)

All numbers are in Millions, Currency in USD

Stock DCF: -11.42 | 14.8 | overvalue

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	5,237	5,686	5,907	4,883	6,152	6,476.72	6,818.58	7,178.48	7,557.38	7,956.28
Revenue (%)
Operating Cash Flow	160	66	447	334	357	316.40	333.10	350.69	369.20	388.68
Operating Cash Flow (%)
Capital Expenditure	-276	-277	-271	-182	-232	-287.93	-303.13	-319.13	-335.97	-353.70
Capital Expenditure (%)
Free Cash Flow	-116	-211	176	152	125	28.48	29.98	31.56	33.23	34.98

Weighted Average Cost Of Capital

Share price	$ 14.8
Beta	2.139
Diluted Shares Outstanding	138.74
Cost of Debt
Tax Rate	18.93
After-tax Cost of Debt	6.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.713
Total Debt	2,129
Total Equity	2,053.35
Total Capital	4,182.35
Debt Weighting	50.90
Equity Weighting	49.10
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	5,237	5,686	5,907	4,883	6,152	6,476.72	6,818.58	7,178.48	7,557.38	7,956.28
Operating Cash Flow	160	66	447	334	357	316.40	333.10	350.69	369.20	388.68
Capital Expenditure	-276	-277	-271	-182	-232	-287.93	-303.13	-319.13	-335.97	-353.70
Free Cash Flow	-116	-211	176	152	125	28.48	29.98	31.56	33.23	34.98
WACC
PV LFCF						16.10	15.41	14.76	14.13	13.52
SUM PV LFCF										118.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.97
Free cash flow (t + 1)	35.68
Terminal Value	447.69
Present Value of Terminal Value	278.36

Intrinsic Value

Enterprise Value	397.24
Net Debt	1,982
Equity Value	-1,584.76
Shares Outstanding	138.74
Equity Value Per Share	-11.42