Discounted Cash Flow (DCF) Analysis Levered

ERAMET S.A. (ERA.PA)

83.85 €

-2.15 (-2.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.47 | 83.85 | overvalue

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 3,7493,6833,5533,6685,0145,448.245,920.096,432.806,989.927,595.28
Revenue (%)
Operating Cash Flow 43786309643991653.60710.21771.72838.55911.18
Operating Cash Flow (%)
Capital Expenditure -297-456-360-312-530-539.51-586.23-637-692.17-752.12
Capital Expenditure (%)
Free Cash Flow 140-370-51331461114.10123.98134.72146.38159.06

Weighted Average Cost Of Capital

Share price $ 83.85
Beta 1.627
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 38.02
After-tax Cost of Debt 3.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.382
Total Debt 2,004
Total Equity 6,696.88
Total Capital 8,700.88
Debt Weighting 23.03
Equity Weighting 76.97
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 3,7493,6833,5533,6685,0145,448.245,920.096,432.806,989.927,595.28
Operating Cash Flow 43786309643991653.60710.21771.72838.55911.18
Capital Expenditure -297-456-360-312-530-539.51-586.23-637-692.17-752.12
Free Cash Flow 140-370-51331461114.10123.98134.72146.38159.06
WACC
PV LFCF 79.2578.6177.9877.3576.73
SUM PV LFCF 512.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.54
Free cash flow (t + 1) 162.24
Terminal Value 2,151.75
Present Value of Terminal Value 1,364.36

Intrinsic Value

Enterprise Value 1,876.86
Net Debt 881
Equity Value 995.86
Shares Outstanding 79.87
Equity Value Per Share 12.47