Discounted Cash Flow (DCF) Analysis Levered

L.D.C. S.A. (LOUP.PA)

117.5 €

+3.00 (+2.62%)

All numbers are in Millions, Currency in USD

Stock DCF: 287.87 | 117.5 | 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	4,123.68	4,418.84	4,428.22	5,068.96	5,846.13	6,389.40	6,983.16	7,632.09	8,341.33	9,116.47
Revenue (%)
Operating Cash Flow	233.39	284.09	330.57	327.21	509.92	443.82	485.07	530.15	579.41	633.25
Operating Cash Flow (%)
Capital Expenditure	-206.61	-240.80	-217.49	-250.98	-261.45	-316.85	-346.29	-378.47	-413.64	-452.08
Capital Expenditure (%)
Free Cash Flow	26.78	43.29	113.08	76.23	248.47	126.98	138.78	151.67	165.77	181.17

Weighted Average Cost Of Capital

Share price	$ 117.5
Beta	0.364
Diluted Shares Outstanding	17.50
Cost of Debt
Tax Rate	25.69
After-tax Cost of Debt	0.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.343
Total Debt	544.36
Total Equity	2,055.83
Total Capital	2,600.18
Debt Weighting	20.94
Equity Weighting	79.06
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	4,123.68	4,418.84	4,428.22	5,068.96	5,846.13	6,389.40	6,983.16	7,632.09	8,341.33	9,116.47
Operating Cash Flow	233.39	284.09	330.57	327.21	509.92	443.82	485.07	530.15	579.41	633.25
Capital Expenditure	-206.61	-240.80	-217.49	-250.98	-261.45	-316.85	-346.29	-378.47	-413.64	-452.08
Free Cash Flow	26.78	43.29	113.08	76.23	248.47	126.98	138.78	151.67	165.77	181.17
WACC
PV LFCF						120.74	125.47	130.39	135.50	140.81
SUM PV LFCF										652.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.17
Free cash flow (t + 1)	184.80
Terminal Value	5,829.53
Present Value of Terminal Value	4,530.79

Intrinsic Value

Enterprise Value	5,183.69
Net Debt	146.95
Equity Value	5,036.75
Shares Outstanding	17.50
Equity Value Per Share	287.87