Discounted Cash Flow (DCF) Analysis Levered

Derichebourg SA (DBG.PA)

4.28 €

-0.08 (-1.88%)

All numbers are in Millions, Currency in USD

Stock DCF: 36.42 | 4.28 | 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	2,735.40	2,924.30	2,708.20	2,465.60	3,620.30	3,958.71	4,328.76	4,733.39	5,175.85	5,659.67
Revenue (%)
Operating Cash Flow	180.90	170.20	165.10	176.40	325	274.43	300.08	328.13	358.80	392.34
Operating Cash Flow (%)
Capital Expenditure	-71.80	-90.10	-89.50	-70.10	-68.40	-108.81	-118.98	-130.10	-142.27	-155.56
Capital Expenditure (%)
Free Cash Flow	109.10	80.10	75.60	106.30	256.60	165.62	181.10	198.03	216.54	236.78

Weighted Average Cost Of Capital

Share price	$ 4.28
Beta	1.676
Diluted Shares Outstanding	159.40
Cost of Debt
Tax Rate	29.41
After-tax Cost of Debt	1.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.876
Total Debt	983.20
Total Equity	682.22
Total Capital	1,665.42
Debt Weighting	59.04
Equity Weighting	40.96
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	2,735.40	2,924.30	2,708.20	2,465.60	3,620.30	3,958.71	4,328.76	4,733.39	5,175.85	5,659.67
Operating Cash Flow	180.90	170.20	165.10	176.40	325	274.43	300.08	328.13	358.80	392.34
Capital Expenditure	-71.80	-90.10	-89.50	-70.10	-68.40	-108.81	-118.98	-130.10	-142.27	-155.56
Free Cash Flow	109.10	80.10	75.60	106.30	256.60	165.62	181.10	198.03	216.54	236.78
WACC
PV LFCF						156.88	162.49	168.31	174.33	180.57
SUM PV LFCF										842.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.57
Free cash flow (t + 1)	241.52
Terminal Value	6,765.15
Present Value of Terminal Value	5,159.11

Intrinsic Value

Enterprise Value	6,001.69
Net Debt	195.70
Equity Value	5,805.99
Shares Outstanding	159.40
Equity Value Per Share	36.42