Discounted Cash Flow (DCF) Analysis Levered

Groupe MEDIA 6 (EDI.PA)

9.5 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 23.30 | 9.5 | 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	83.81	82.44	77.09	68.15	65.74	61.91	58.31	54.92	51.72	48.72
Revenue (%)
Operating Cash Flow	4.85	4.39	4.92	3.88	3.02	3.44	3.24	3.05	2.87	2.71
Operating Cash Flow (%)
Capital Expenditure	-2.48	-2.12	-1.55	-2.26	-1.07	-1.55	-1.46	-1.37	-1.29	-1.22
Capital Expenditure (%)
Free Cash Flow	2.38	2.27	3.37	1.62	1.95	1.89	1.78	1.68	1.58	1.49

Weighted Average Cost Of Capital

Share price	$ 9.5
Beta	0.590
Diluted Shares Outstanding	3.05
Cost of Debt
Tax Rate	-48.59
After-tax Cost of Debt	1.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.140
Total Debt	23.38
Total Equity	28.98
Total Capital	52.35
Debt Weighting	44.66
Equity Weighting	55.34
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	83.81	82.44	77.09	68.15	65.74	61.91	58.31	54.92	51.72	48.72
Operating Cash Flow	4.85	4.39	4.92	3.88	3.02	3.44	3.24	3.05	2.87	2.71
Capital Expenditure	-2.48	-2.12	-1.55	-2.26	-1.07	-1.55	-1.46	-1.37	-1.29	-1.22
Free Cash Flow	2.38	2.27	3.37	1.62	1.95	1.89	1.78	1.68	1.58	1.49
WACC
PV LFCF						1.82	1.65	1.50	1.36	1.23
SUM PV LFCF										7.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.87
Free cash flow (t + 1)	1.52
Terminal Value	81.32
Present Value of Terminal Value	67.26

Intrinsic Value

Enterprise Value	74.83
Net Debt	3.77
Equity Value	71.06
Shares Outstanding	3.05
Equity Value Per Share	23.30