Discounted Cash Flow (DCF) Analysis Levered

Immobiliere Dassault SA (IMDA.PA)

53 €

-1.00 (-1.85%)

All numbers are in Millions, Currency in USD

Stock DCF: 45.44 | 53 | overvalue

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	14.97	20.97	20.31	25.40	25.92	30.07	34.89	40.48	46.96	54.48
Revenue (%)
Operating Cash Flow	1.96	9.83	11.31	13.24	15.79	13.76	15.96	18.51	21.48	24.92
Operating Cash Flow (%)
Capital Expenditure	-7.56	-9.21	-0	-0.57	-0.01	-5.82	-6.75	-7.83	-9.09	-10.54
Capital Expenditure (%)
Free Cash Flow	-5.60	0.62	11.31	12.67	15.78	7.94	9.21	10.68	12.39	14.37

Weighted Average Cost Of Capital

Share price	$ 53
Beta	0.546
Diluted Shares Outstanding	6.73
Cost of Debt
Tax Rate	1.19
After-tax Cost of Debt	1.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.266
Total Debt	243.95
Total Equity	356.66
Total Capital	600.61
Debt Weighting	40.62
Equity Weighting	59.38
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	14.97	20.97	20.31	25.40	25.92	30.07	34.89	40.48	46.96	54.48
Operating Cash Flow	1.96	9.83	11.31	13.24	15.79	13.76	15.96	18.51	21.48	24.92
Capital Expenditure	-7.56	-9.21	-0	-0.57	-0.01	-5.82	-6.75	-7.83	-9.09	-10.54
Free Cash Flow	-5.60	0.62	11.31	12.67	15.78	7.94	9.21	10.68	12.39	14.37
WACC
PV LFCF						7.60	8.45	9.39	10.44	11.61
SUM PV LFCF										47.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.37
Free cash flow (t + 1)	14.66
Terminal Value	618.63
Present Value of Terminal Value	499.52

Intrinsic Value

Enterprise Value	547.02
Net Debt	241.23
Equity Value	305.79
Shares Outstanding	6.73
Equity Value Per Share	45.44