Discounted Cash Flow (DCF) Analysis Levered

Eiffage SA (FGR.PA)

100.25 €

+0.15 (+0.15%)

All numbers are in Millions, Currency in USD

Stock DCF: 622.17 | 100.25 | 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	15,268	16,895	18,695	16,661	19,208	20,442.96	21,757.32	23,156.18	24,644.99	26,229.51
Revenue (%)
Operating Cash Flow	1,334	1,599	2,224	2,204	2,740	2,354.67	2,506.06	2,667.18	2,838.67	3,021.18
Operating Cash Flow (%)
Capital Expenditure	-595	-695	-812	-933	-1,044	-956.29	-1,017.77	-1,083.21	-1,152.85	-1,226.98
Capital Expenditure (%)
Free Cash Flow	739	904	1,412	1,271	1,696	1,398.38	1,488.29	1,583.97	1,685.81	1,794.20

Weighted Average Cost Of Capital

Share price	$ 100.25
Beta	1.272
Diluted Shares Outstanding	98.44
Cost of Debt
Tax Rate	51.83
After-tax Cost of Debt	0.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.693
Total Debt	15,321
Total Equity	9,868.90
Total Capital	25,189.90
Debt Weighting	60.82
Equity Weighting	39.18
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	15,268	16,895	18,695	16,661	19,208	20,442.96	21,757.32	23,156.18	24,644.99	26,229.51
Operating Cash Flow	1,334	1,599	2,224	2,204	2,740	2,354.67	2,506.06	2,667.18	2,838.67	3,021.18
Capital Expenditure	-595	-695	-812	-933	-1,044	-956.29	-1,017.77	-1,083.21	-1,152.85	-1,226.98
Free Cash Flow	739	904	1,412	1,271	1,696	1,398.38	1,488.29	1,583.97	1,685.81	1,794.20
WACC
PV LFCF						1,340.86	1,368.36	1,396.43	1,425.08	1,454.31
SUM PV LFCF										6,985.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.29
Free cash flow (t + 1)	1,830.09
Terminal Value	79,916.38
Present Value of Terminal Value	64,777.25

Intrinsic Value

Enterprise Value	71,762.29
Net Debt	10,514
Equity Value	61,248.29
Shares Outstanding	98.44
Equity Value Per Share	622.17