Discounted Cash Flow (DCF) Analysis Levered

LACROIX Group SA (LACR.PA)

32.7 €

-0.20 (-0.61%)

All numbers are in Millions, Currency in USD

Stock DCF: -26.43 | 32.7 | 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	441.42	468.29	481.59	566.33	501.45	520.34	539.94	560.28	581.38	603.28
Revenue (%)
Operating Cash Flow	19.44	10.72	6.32	47.96	4.87	18.15	18.84	19.55	20.28	21.05
Operating Cash Flow (%)
Capital Expenditure	-12.73	-13.12	-11.72	-17.18	-30.49	-17.93	-18.61	-19.31	-20.04	-20.79
Capital Expenditure (%)
Free Cash Flow	6.71	-2.41	-5.40	30.77	-25.62	0.22	0.23	0.24	0.24	0.25

Weighted Average Cost Of Capital

Share price	$ 32.7
Beta	1.084
Diluted Shares Outstanding	4.06
Cost of Debt
Tax Rate	5.97
After-tax Cost of Debt	0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.816
Total Debt	150.39
Total Equity	132.83
Total Capital	283.22
Debt Weighting	53.10
Equity Weighting	46.90
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	441.42	468.29	481.59	566.33	501.45	520.34	539.94	560.28	581.38	603.28
Operating Cash Flow	19.44	10.72	6.32	47.96	4.87	18.15	18.84	19.55	20.28	21.05
Capital Expenditure	-12.73	-13.12	-11.72	-17.18	-30.49	-17.93	-18.61	-19.31	-20.04	-20.79
Free Cash Flow	6.71	-2.41	-5.40	30.77	-25.62	0.22	0.23	0.24	0.24	0.25
WACC
PV LFCF						0.21	0.21	0.21	0.21	0.20
SUM PV LFCF										1.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.41
Free cash flow (t + 1)	0.26
Terminal Value	10.71
Present Value of Terminal Value	8.63

Intrinsic Value

Enterprise Value	9.67
Net Debt	117.04
Equity Value	-107.37
Shares Outstanding	4.06
Equity Value Per Share	-26.43