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
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 | 3,749 | 3,683 | 3,553 | 3,668 | 5,014 | 5,448.24 | 5,920.09 | 6,432.80 | 6,989.92 | 7,595.28 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 437 | 86 | 309 | 643 | 991 | 653.60 | 710.21 | 771.72 | 838.55 | 911.18 |
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 | -51 | 331 | 461 | 114.10 | 123.98 | 134.72 | 146.38 | 159.06 |
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 | 3,749 | 3,683 | 3,553 | 3,668 | 5,014 | 5,448.24 | 5,920.09 | 6,432.80 | 6,989.92 | 7,595.28 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 437 | 86 | 309 | 643 | 991 | 653.60 | 710.21 | 771.72 | 838.55 | 911.18 |
Capital Expenditure | -297 | -456 | -360 | -312 | -530 | -539.51 | -586.23 | -637 | -692.17 | -752.12 |
Free Cash Flow | 140 | -370 | -51 | 331 | 461 | 114.10 | 123.98 | 134.72 | 146.38 | 159.06 |
WACC | ||||||||||
PV LFCF | 79.25 | 78.61 | 77.98 | 77.35 | 76.73 | |||||
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 |