Discounted Cash Flow (DCF) Analysis Levered

EPC Groupe (EXPL.PA)

69.5 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 494.54 | 69.5 | 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	329.09	322.54	345.05	338.54	377.63	391.46	405.79	420.65	436.06	452.03
Revenue (%)
Operating Cash Flow	21.61	18.20	21.59	40.31	28.05	29.60	30.68	31.80	32.97	34.17
Operating Cash Flow (%)
Capital Expenditure	-14.93	-14.98	-19.31	-16.60	-15.91	-18.71	-19.39	-20.10	-20.84	-21.60
Capital Expenditure (%)
Free Cash Flow	6.69	3.22	2.28	23.71	12.14	10.89	11.29	11.70	12.13	12.57

Weighted Average Cost Of Capital

Share price	$ 69.5
Beta	0.237
Diluted Shares Outstanding	1.55
Cost of Debt
Tax Rate	51.80
After-tax Cost of Debt	1.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.046
Total Debt	92.03
Total Equity	107.48
Total Capital	199.50
Debt Weighting	46.13
Equity Weighting	53.87
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	329.09	322.54	345.05	338.54	377.63	391.46	405.79	420.65	436.06	452.03
Operating Cash Flow	21.61	18.20	21.59	40.31	28.05	29.60	30.68	31.80	32.97	34.17
Capital Expenditure	-14.93	-14.98	-19.31	-16.60	-15.91	-18.71	-19.39	-20.10	-20.84	-21.60
Free Cash Flow	6.69	3.22	2.28	23.71	12.14	10.89	11.29	11.70	12.13	12.57
WACC
PV LFCF						10.19	10.21	10.24	10.27	10.29
SUM PV LFCF										52.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.39
Free cash flow (t + 1)	12.83
Terminal Value	922.67
Present Value of Terminal Value	781.01

Intrinsic Value

Enterprise Value	833.94
Net Debt	69.17
Equity Value	764.77
Shares Outstanding	1.55
Equity Value Per Share	494.54