Discounted Cash Flow (DCF) Analysis Levered

Itissalat Al-Maghrib (IAM) S.A. (IAM.PA)

9 €

-0.15 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 412.72 | 9 | 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 36,51736,76935,79036,78837,92438,294.1438,667.8839,045.2839,426.3639,811.16
Revenue (%)
Operating Cash Flow 15,28111,08813,55412,00213,55413,650.9213,784.1513,918.6814,054.5314,191.70
Operating Cash Flow (%)
Capital Expenditure -7,949-4,141-5,289-7,073-5,289-6,202.17-6,262.71-6,323.83-6,385.55-6,447.87
Capital Expenditure (%)
Free Cash Flow 7,3326,9478,2654,9298,2657,448.747,521.447,594.857,668.987,743.83

Weighted Average Cost Of Capital

Share price $ 9
Beta 0.458
Diluted Shares Outstanding 879.10
Cost of Debt
Tax Rate 47.16
After-tax Cost of Debt 2.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.489
Total Debt 17,408
Total Equity 7,911.86
Total Capital 25,319.86
Debt Weighting 68.75
Equity Weighting 31.25
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 36,51736,76935,79036,78837,92438,294.1438,667.8839,045.2839,426.3639,811.16
Operating Cash Flow 15,28111,08813,55412,00213,55413,650.9213,784.1513,918.6814,054.5314,191.70
Capital Expenditure -7,949-4,141-5,289-7,073-5,289-6,202.17-6,262.71-6,323.83-6,385.55-6,447.87
Free Cash Flow 7,3326,9478,2654,9298,2657,448.747,521.447,594.857,668.987,743.83
WACC
PV LFCF 5,924.355,758.185,596.675,439.685,287.11
SUM PV LFCF 33,893.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.89
Free cash flow (t + 1) 7,898.70
Terminal Value 417,920.74
Present Value of Terminal Value 345,322.75

Intrinsic Value

Enterprise Value 379,216.49
Net Debt 16,395
Equity Value 362,821.49
Shares Outstanding 879.10
Equity Value Per Share 412.72