Discounted Cash Flow (DCF) Analysis Levered

Société Fermière du Casino Municipa... (FCMC.PA)

1670 €

+20.00 (+1.21%)

All numbers are in Millions, Currency in USD

Stock DCF: 10,290.35 | 1670 | undervalue

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	125.53	126.92	55.06	75.96	147.74	176.16	210.05	250.45	298.62	356.07
Revenue (%)
Operating Cash Flow	20.71	21.10	0.92	29.14	54.04	38.66	46.09	54.96	65.53	78.13
Operating Cash Flow (%)
Capital Expenditure	-	-0.07	-0.03	-0.04	-0.09	-0.10	-0.12	-0.15	-0.17	-0.21
Capital Expenditure (%)
Free Cash Flow	20.71	21.03	0.89	29.09	53.95	38.55	45.97	54.81	65.35	77.92

Weighted Average Cost Of Capital

Share price	$ 1,670
Beta	0.774
Diluted Shares Outstanding	0.18
Cost of Debt
Tax Rate	33.65
After-tax Cost of Debt	0.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.266
Total Debt	81.10
Total Equity	292.55
Total Capital	373.66
Debt Weighting	21.71
Equity Weighting	78.29
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	125.53	126.92	55.06	75.96	147.74	176.16	210.05	250.45	298.62	356.07
Operating Cash Flow	20.71	21.10	0.92	29.14	54.04	38.66	46.09	54.96	65.53	78.13
Capital Expenditure	-	-0.07	-0.03	-0.04	-0.09	-0.10	-0.12	-0.15	-0.17	-0.21
Free Cash Flow	20.71	21.03	0.89	29.09	53.95	38.55	45.97	54.81	65.35	77.92
WACC
PV LFCF						36.42	41.02	46.20	52.04	58.62
SUM PV LFCF										234.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.86
Free cash flow (t + 1)	79.48
Terminal Value	2,059.14
Present Value of Terminal Value	1,548.91

Intrinsic Value

Enterprise Value	1,783.21
Net Debt	-19.48
Equity Value	1,802.68
Shares Outstanding	0.18
Equity Value Per Share	10,290.35