Discounted Cash Flow (DCF) Analysis Levered

Catering International & Services S... (CTRG.PA)

9.44 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.69 | 9.44 | 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	251.35	224.16	265.73	255.74	270.69	277.33	284.14	291.11	298.25	305.57
Revenue (%)
Operating Cash Flow	13.84	7.09	14.68	13.75	15.50	14.03	14.37	14.72	15.09	15.46
Operating Cash Flow (%)
Capital Expenditure	-2.60	-2.58	-3.17	-1.38	-4.63	-3.12	-3.20	-3.28	-3.36	-3.44
Capital Expenditure (%)
Free Cash Flow	11.24	4.51	11.50	12.37	10.87	10.91	11.17	11.45	11.73	12.02

Weighted Average Cost Of Capital

Share price	$ 9.44
Beta	1.346
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	56.98
After-tax Cost of Debt	1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.068
Total Debt	34.34
Total Equity	753.95
Total Capital	788.29
Debt Weighting	4.36
Equity Weighting	95.64
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	251.35	224.16	265.73	255.74	270.69	277.33	284.14	291.11	298.25	305.57
Operating Cash Flow	13.84	7.09	14.68	13.75	15.50	14.03	14.37	14.72	15.09	15.46
Capital Expenditure	-2.60	-2.58	-3.17	-1.38	-4.63	-3.12	-3.20	-3.28	-3.36	-3.44
Free Cash Flow	11.24	4.51	11.50	12.37	10.87	10.91	11.17	11.45	11.73	12.02
WACC
PV LFCF						9.94	9.29	8.67	8.10	7.57
SUM PV LFCF										43.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.69
Free cash flow (t + 1)	12.26
Terminal Value	159.38
Present Value of Terminal Value	100.37

Intrinsic Value

Enterprise Value	143.94
Net Debt	8.94
Equity Value	135
Shares Outstanding	79.87
Equity Value Per Share	1.69