Discounted Cash Flow (DCF) Analysis Levered

Euronext N.V. (ENX.PA)

64.98 €

+0.42 (+0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 347.79 | 64.98 | 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 532.29615.03679.11884.321,288.961,617.432,029.622,546.853,195.904,010.35
Revenue (%)
Operating Cash Flow 213.11223.51253.77277.99543.71606.09760.55954.371,197.581,502.78
Operating Cash Flow (%)
Capital Expenditure -23.88-22.27-26.06-19.22-67.59-62.63-78.59-98.61-123.74-155.28
Capital Expenditure (%)
Free Cash Flow 189.23201.25227.71258.77476.12543.47681.97855.761,073.841,347.50

Weighted Average Cost Of Capital

Share price $ 64.98
Beta 0.605
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 28.82
After-tax Cost of Debt 0.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.819
Total Debt 3,133.43
Total Equity 6,984.44
Total Capital 10,117.87
Debt Weighting 30.97
Equity Weighting 69.03
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 532.29615.03679.11884.321,288.961,617.432,029.622,546.853,195.904,010.35
Operating Cash Flow 213.11223.51253.77277.99543.71606.09760.55954.371,197.581,502.78
Capital Expenditure -23.88-22.27-26.06-19.22-67.59-62.63-78.59-98.61-123.74-155.28
Free Cash Flow 189.23201.25227.71258.77476.12543.47681.97855.761,073.841,347.50
WACC
PV LFCF 517.59618.56739.24883.451,055.80
SUM PV LFCF 3,814.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.00
Free cash flow (t + 1) 1,374.45
Terminal Value 45,815.01
Present Value of Terminal Value 35,897.26

Intrinsic Value

Enterprise Value 39,711.90
Net Debt 2,329.07
Equity Value 37,382.82
Shares Outstanding 107.49
Equity Value Per Share 347.79