Discounted Cash Flow (DCF) Analysis Levered

Société Foncière Lyonnaise (FLY.PA)

71 €

+0.40 (+0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 169.82 | 71 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 198.71182.42174.63204.52285.51317.09352.16391.11434.38482.42
Revenue (%)
Operating Cash Flow 142.30106.95110.37152.74115.32195.65217.29241.33268.02297.67
Operating Cash Flow (%)
Capital Expenditure -0.75-2.11-1.03-1.28-5.05-2.86-3.18-3.53-3.92-4.36
Capital Expenditure (%)
Free Cash Flow 141.54104.84109.35151.46110.27192.79214.11237.79264.10293.31

Weighted Average Cost Of Capital

Share price $ 71
Beta 0.347
Diluted Shares Outstanding 42.86
Cost of Debt
Tax Rate 21.61
After-tax Cost of Debt 3.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.900
Total Debt 2,627.66
Total Equity 3,043.22
Total Capital 5,670.87
Debt Weighting 46.34
Equity Weighting 53.66
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 198.71182.42174.63204.52285.51317.09352.16391.11434.38482.42
Operating Cash Flow 142.30106.95110.37152.74115.32195.65217.29241.33268.02297.67
Capital Expenditure -0.75-2.11-1.03-1.28-5.05-2.86-3.18-3.53-3.92-4.36
Free Cash Flow 141.54104.84109.35151.46110.27192.79214.11237.79264.10293.31
WACC
PV LFCF 184.11195.28207.13219.69233.02
SUM PV LFCF 1,039.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.71
Free cash flow (t + 1) 299.18
Terminal Value 11,039.72
Present Value of Terminal Value 8,770.36

Intrinsic Value

Enterprise Value 9,809.59
Net Debt 2,530.88
Equity Value 7,278.71
Shares Outstanding 42.86
Equity Value Per Share 169.82