Discounted Cash Flow (DCF) Analysis Levered

Lumibird SA (LBIRD.PA)

12.3 €

+0.08 (+0.65%)

All numbers are in Millions, Currency in USD

Stock DCF: 3.73 | 12.3 | 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	101.80	112.65	129.51	166.39	191	223.90	262.46	307.67	360.66	422.78
Revenue (%)
Operating Cash Flow	12.08	19.47	13.12	26.58	1.40	25.07	29.39	34.45	40.39	47.34
Operating Cash Flow (%)
Capital Expenditure	-11.01	-11.28	-12.38	-20.11	-20.70	-23.87	-27.98	-32.80	-38.45	-45.08
Capital Expenditure (%)
Free Cash Flow	1.07	8.19	0.75	6.47	-19.30	1.20	1.41	1.65	1.93	2.27

Weighted Average Cost Of Capital

Share price	$ 12.3
Beta	1.364
Diluted Shares Outstanding	22.45
Cost of Debt
Tax Rate	20.83
After-tax Cost of Debt	3.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.693
Total Debt	-
Total Equity	276.13
Total Capital	276.13
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	101.80	112.65	129.51	166.39	191	223.90	262.46	307.67	360.66	422.78
Operating Cash Flow	12.08	19.47	13.12	26.58	1.40	25.07	29.39	34.45	40.39	47.34
Capital Expenditure	-11.01	-11.28	-12.38	-20.11	-20.70	-23.87	-27.98	-32.80	-38.45	-45.08
Free Cash Flow	1.07	8.19	0.75	6.47	-19.30	1.20	1.41	1.65	1.93	2.27
WACC
PV LFCF						1.08	1.15	1.22	1.29	1.36
SUM PV LFCF										6.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.69
Free cash flow (t + 1)	2.31
Terminal Value	26.60
Present Value of Terminal Value	16.01

Intrinsic Value

Enterprise Value	22.11
Net Debt	-61.70
Equity Value	83.81
Shares Outstanding	22.45
Equity Value Per Share	3.73