Discounted Cash Flow (DCF) Analysis Levered

Euronext N.V. (ENX.PA)

66 €

+0.85 (+1.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 271.66 | 66 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	615.03	679.11	884.32	1,288.96	1,413.86	1,753.48	2,174.68	2,697.06	3,344.91	4,148.39
Revenue (%)
Operating Cash Flow	223.51	253.77	277.99	543.71	616.49	669.58	830.42	1,029.90	1,277.29	1,584.10
Operating Cash Flow (%)
Capital Expenditure	-22.27	-26.06	-19.22	-67.59	-99.52	-76.85	-95.31	-118.20	-146.59	-181.80
Capital Expenditure (%)
Free Cash Flow	201.25	227.71	258.77	476.12	516.97	592.74	735.12	911.70	1,130.70	1,402.30

Weighted Average Cost Of Capital

Share price	$ 66
Beta	0.762
Diluted Shares Outstanding	106.90
Cost of Debt
Tax Rate	28.72
After-tax Cost of Debt	0.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.170
Total Debt	3,094.64
Total Equity	7,055.49
Total Capital	10,150.13
Debt Weighting	30.49
Equity Weighting	69.51
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	615.03	679.11	884.32	1,288.96	1,413.86	1,753.48	2,174.68	2,697.06	3,344.91	4,148.39
Operating Cash Flow	223.51	253.77	277.99	543.71	616.49	669.58	830.42	1,029.90	1,277.29	1,584.10
Capital Expenditure	-22.27	-26.06	-19.22	-67.59	-99.52	-76.85	-95.31	-118.20	-146.59	-181.80
Free Cash Flow	201.25	227.71	258.77	476.12	516.97	592.74	735.12	911.70	1,130.70	1,402.30
WACC
PV LFCF						559.50	654.99	766.78	897.65	1,050.85
SUM PV LFCF										3,929.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.94
Free cash flow (t + 1)	1,430.34
Terminal Value	36,303.14
Present Value of Terminal Value	27,204.72

Intrinsic Value

Enterprise Value	31,134.50
Net Debt	2,093.56
Equity Value	29,040.93
Shares Outstanding	106.90
Equity Value Per Share	271.66