Discounted Cash Flow (DCF) Analysis Levered

EKINOPS S.A. (EKI.PA)

7.85 €

-0.04 (-0.51%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.06 | 7.85 | 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	34.29	84.22	93.48	92.80	103.57	146.93	208.45	295.72	419.54	595.20
Revenue (%)
Operating Cash Flow	-5.40	10.02	9.64	7.23	12.50	7.74	10.98	15.57	22.09	31.34
Operating Cash Flow (%)
Capital Expenditure	-1.84	-2.86	-3.93	-4.31	-5.05	-6.60	-9.37	-13.29	-18.86	-26.76
Capital Expenditure (%)
Free Cash Flow	-7.24	7.16	5.71	2.92	7.46	1.13	1.61	2.28	3.23	4.59

Weighted Average Cost Of Capital

Share price	$ 7.85
Beta	1.101
Diluted Shares Outstanding	24.92
Cost of Debt
Tax Rate	-49.07
After-tax Cost of Debt	1.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.007
Total Debt	33.36
Total Equity	195.63
Total Capital	228.98
Debt Weighting	14.57
Equity Weighting	85.43
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	34.29	84.22	93.48	92.80	103.57	146.93	208.45	295.72	419.54	595.20
Operating Cash Flow	-5.40	10.02	9.64	7.23	12.50	7.74	10.98	15.57	22.09	31.34
Capital Expenditure	-1.84	-2.86	-3.93	-4.31	-5.05	-6.60	-9.37	-13.29	-18.86	-26.76
Free Cash Flow	-7.24	7.16	5.71	2.92	7.46	1.13	1.61	2.28	3.23	4.59
WACC
PV LFCF						1.05	1.38	1.82	2.39	3.14
SUM PV LFCF										9.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.88
Free cash flow (t + 1)	4.68
Terminal Value	79.60
Present Value of Terminal Value	54.48

Intrinsic Value

Enterprise Value	64.25
Net Debt	-12.04
Equity Value	76.29
Shares Outstanding	24.92
Equity Value Per Share	3.06