Discounted Cash Flow (DCF) Analysis Levered

Finatis Société Anonyme (FNTS.PA)

9.25 €

+0.45 (+5.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 81.37 | 9.25 | 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 38,64237,50734,66331,92830,56628,833.2227,198.6725,656.7924,202.3122,830.28
Revenue (%)
Operating Cash Flow 1,5071,5331,1402,1981,6511,358.711,281.691,209.031,140.491,075.84
Operating Cash Flow (%)
Capital Expenditure -1,331-1,213-1,119-928-1,133-952.65-898.64-847.70-799.64-754.31
Capital Expenditure (%)
Free Cash Flow 176320211,270518406.06383.05361.33340.85321.52

Weighted Average Cost Of Capital

Share price $ 9.25
Beta 0.259
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 39.86
After-tax Cost of Debt 3.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.722
Total Debt 17,035
Total Equity 994.25
Total Capital 18,029.25
Debt Weighting 94.49
Equity Weighting 5.51
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 38,64237,50734,66331,92830,56628,833.2227,198.6725,656.7924,202.3122,830.28
Operating Cash Flow 1,5071,5331,1402,1981,6511,358.711,281.691,209.031,140.491,075.84
Capital Expenditure -1,331-1,213-1,119-928-1,133-952.65-898.64-847.70-799.64-754.31
Free Cash Flow 176320211,270518406.06383.05361.33340.85321.52
WACC
PV LFCF 393.17359.10327.99299.57273.61
SUM PV LFCF 1,653.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.28
Free cash flow (t + 1) 327.95
Terminal Value 25,621.46
Present Value of Terminal Value 21,803.32

Intrinsic Value

Enterprise Value 23,456.76
Net Debt 14,711
Equity Value 8,745.76
Shares Outstanding 107.49
Equity Value Per Share 81.37