Discounted Cash Flow (DCF) Analysis Levered

EPC Groupe (EXPL.PA)

64.5 €

+0.50 (+0.78%)

All numbers are in Millions, Currency in USD

Stock DCF: 315.78 | 64.5 | undervalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	310.01	329.09	322.54	345.05	338.54	346.37	354.39	362.59	370.98	379.57
Revenue (%)
Operating Cash Flow	14.87	21.61	18.20	21.59	40.31	24.36	24.93	25.50	26.09	26.70
Operating Cash Flow (%)
Capital Expenditure	-8.84	-14.93	-14.98	-19.31	-16.60	-15.61	-15.97	-16.34	-16.72	-17.10
Capital Expenditure (%)
Free Cash Flow	6.03	6.69	3.22	2.28	23.71	8.75	8.96	9.16	9.38	9.59

Weighted Average Cost Of Capital

Share price	$ 64.5
Beta	0.234
Diluted Shares Outstanding	1.55
Cost of Debt
Tax Rate	-43.30
After-tax Cost of Debt	3.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.954
Total Debt	95.22
Total Equity	99.74
Total Capital	194.97
Debt Weighting	48.84
Equity Weighting	51.16
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected
Revenue	310.01	329.09	322.54	345.05	338.54	346.37	354.39	362.59	370.98	379.57
Operating Cash Flow	14.87	21.61	18.20	21.59	40.31	24.36	24.93	25.50	26.09	26.70
Capital Expenditure	-8.84	-14.93	-14.98	-19.31	-16.60	-15.61	-15.97	-16.34	-16.72	-17.10
Free Cash Flow	6.03	6.69	3.22	2.28	23.71	8.75	8.96	9.16	9.38	9.59
WACC
PV LFCF						8.45	8.35	8.25	8.15	8.05
SUM PV LFCF										41.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.57
Free cash flow (t + 1)	9.78
Terminal Value	623.23
Present Value of Terminal Value	522.97

Intrinsic Value

Enterprise Value	564.22
Net Debt	75.89
Equity Value	488.33
Shares Outstanding	1.55
Equity Value Per Share	315.78