Discounted Cash Flow (DCF) Analysis Levered

Gaztransport & Technigaz SA (GTT.PA)

116.5 €

-0.50 (-0.43%)

All numbers are in Millions, Currency in USD

Stock DCF: 120.89 | 116.5 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	245.99	288.22	396.37	314.74	307.29	331.67	357.98	386.38	417.04	450.12
Revenue (%)
Operating Cash Flow	184.26	128.32	153.63	212.50	139.43	179.82	194.08	209.48	226.10	244.03
Operating Cash Flow (%)
Capital Expenditure	-2.89	-9.02	-8.53	-6.77	-6.61	-7.14	-7.71	-8.32	-8.98	-9.69
Capital Expenditure (%)
Free Cash Flow	181.36	119.30	145.10	205.73	132.82	172.68	186.38	201.16	217.12	234.34

Weighted Average Cost Of Capital

Share price	$ 116.5
Beta	0.504
Diluted Shares Outstanding	37.11
Cost of Debt
Tax Rate	16.02
After-tax Cost of Debt	4.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.952
Total Debt	-
Total Equity	4,323.04
Total Capital	4,323.04
Debt Weighting	0.00
Equity Weighting	100.00
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	245.99	288.22	396.37	314.74	307.29	331.67	357.98	386.38	417.04	450.12
Operating Cash Flow	184.26	128.32	153.63	212.50	139.43	179.82	194.08	209.48	226.10	244.03
Capital Expenditure	-2.89	-9.02	-8.53	-6.77	-6.61	-7.14	-7.71	-8.32	-8.98	-9.69
Free Cash Flow	181.36	119.30	145.10	205.73	132.82	172.68	186.38	201.16	217.12	234.34
WACC
PV LFCF						161.46	162.94	164.44	165.95	167.48
SUM PV LFCF										822.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.95
Free cash flow (t + 1)	239.03
Terminal Value	4,828.92
Present Value of Terminal Value	3,451.01

Intrinsic Value

Enterprise Value	4,273.27
Net Debt	-212.80
Equity Value	4,486.07
Shares Outstanding	37.11
Equity Value Per Share	120.89