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	38,642	37,507	34,663	31,928	30,566	28,833.22	27,198.67	25,656.79	24,202.31	22,830.28
Revenue (%)
Operating Cash Flow	1,507	1,533	1,140	2,198	1,651	1,358.71	1,281.69	1,209.03	1,140.49	1,075.84
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	176	320	21	1,270	518	406.06	383.05	361.33	340.85	321.52

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	38,642	37,507	34,663	31,928	30,566	28,833.22	27,198.67	25,656.79	24,202.31	22,830.28
Operating Cash Flow	1,507	1,533	1,140	2,198	1,651	1,358.71	1,281.69	1,209.03	1,140.49	1,075.84
Capital Expenditure	-1,331	-1,213	-1,119	-928	-1,133	-952.65	-898.64	-847.70	-799.64	-754.31
Free Cash Flow	176	320	21	1,270	518	406.06	383.05	361.33	340.85	321.52
WACC
PV LFCF						393.17	359.10	327.99	299.57	273.61
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