Discounted Cash Flow (DCF) Analysis Levered

Société Foncière Lyonnaise (FLY.PA)

84.2 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 66.38 | 84.2 | overvalue

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 195.78193.51198.71182.42174.63169.86165.21160.70156.30152.03
Revenue (%)
Operating Cash Flow 123.32122.88142.30106.95110.37108.68105.71102.82100.0197.28
Operating Cash Flow (%)
Capital Expenditure -0.37-0.24-0.75-2.11-1.03-0.83-0.80-0.78-0.76-0.74
Capital Expenditure (%)
Free Cash Flow 122.95122.63141.54104.84109.35107.86104.91102.0499.2596.53

Weighted Average Cost Of Capital

Share price $ 84.2
Beta 0.356
Diluted Shares Outstanding 46.35
Cost of Debt
Tax Rate 18.72
After-tax Cost of Debt 1.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.171
Total Debt 1,902
Total Equity 3,902.94
Total Capital 5,804.93
Debt Weighting 32.77
Equity Weighting 67.23
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 195.78193.51198.71182.42174.63169.86165.21160.70156.30152.03
Operating Cash Flow 123.32122.88142.30106.95110.37108.68105.71102.82100.0197.28
Capital Expenditure -0.37-0.24-0.75-2.11-1.03-0.83-0.80-0.78-0.76-0.74
Free Cash Flow 122.95122.63141.54104.84109.35107.86104.91102.0499.2596.53
WACC
PV LFCF 85.9880.5375.4270.6466.16
SUM PV LFCF 457.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.85
Free cash flow (t + 1) 98.47
Terminal Value 5,322.44
Present Value of Terminal Value 4,406.34

Intrinsic Value

Enterprise Value 4,863.83
Net Debt 1,787.12
Equity Value 3,076.71
Shares Outstanding 46.35
Equity Value Per Share 66.38