Discounted Cash Flow (DCF) Analysis Levered

Gaztransport & Technigaz SA (GTT.PA)

111.7 €

-7.10 (-5.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 54.13 | 111.7 | 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 231.59245.99288.22396.37314.74346.45381.37419.81462.12508.69
Revenue (%)
Operating Cash Flow 116.53184.26128.32153.63212.50191.25210.53231.75255.10280.81
Operating Cash Flow (%)
Capital Expenditure -3.43-2.89-9.02-7.65-6.07-6.68-7.36-8.10-8.91-9.81
Capital Expenditure (%)
Free Cash Flow 113.09181.36119.30145.99206.43184.57203.17223.65246.19271

Weighted Average Cost Of Capital

Share price $ 111.7
Beta 0.561
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 18.64
After-tax Cost of Debt 4.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.344
Total Debt -
Total Equity 12,006.19
Total Capital 12,006.19
Debt Weighting 0.00
Equity Weighting 100.00
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 231.59245.99288.22396.37314.74346.45381.37419.81462.12508.69
Operating Cash Flow 116.53184.26128.32153.63212.50191.25210.53231.75255.10280.81
Capital Expenditure -3.43-2.89-9.02-7.65-6.07-6.68-7.36-8.10-8.91-9.81
Free Cash Flow 113.09181.36119.30145.99206.43184.57203.17223.65246.19271
WACC
PV LFCF 173.57179.67185.98192.52199.29
SUM PV LFCF 931.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.34
Free cash flow (t + 1) 276.42
Terminal Value 6,369.11
Present Value of Terminal Value 4,683.77

Intrinsic Value

Enterprise Value 5,614.80
Net Debt -203.80
Equity Value 5,818.60
Shares Outstanding 107.49
Equity Value Per Share 54.13