Discounted Cash Flow (DCF) Analysis Levered

Wendel (MF.PA)

91.15 €

+0.45 (+0.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 255.19 | 91.15 | undervalue

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 8,426.308,586.707,465.707,513.808,701.408,816.668,933.449,051.779,171.679,293.16
Revenue (%)
Operating Cash Flow 1,211.401,424.501,398.601,423.701,493.301,513.101,533.141,553.451,574.031,594.88
Operating Cash Flow (%)
Capital Expenditure -299.60-276.30-219.30-249.20-269.40-284.31-288.07-291.89-295.76-299.67
Capital Expenditure (%)
Free Cash Flow 911.801,148.201,179.301,174.501,223.901,228.791,245.071,261.561,278.271,295.20

Weighted Average Cost Of Capital

Share price $ 91.15
Beta 1.332
Diluted Shares Outstanding 80.36
Cost of Debt
Tax Rate 25.95
After-tax Cost of Debt 3.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.495
Total Debt 6,063.70
Total Equity 7,324.79
Total Capital 13,388.49
Debt Weighting 45.29
Equity Weighting 54.71
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 8,426.308,586.707,465.707,513.808,701.408,816.668,933.449,051.779,171.679,293.16
Operating Cash Flow 1,211.401,424.501,398.601,423.701,493.301,513.101,533.141,553.451,574.031,594.88
Capital Expenditure -299.60-276.30-219.30-249.20-269.40-284.31-288.07-291.89-295.76-299.67
Free Cash Flow 911.801,148.201,179.301,174.501,223.901,228.791,245.071,261.561,278.271,295.20
WACC
PV LFCF 1,146.801,084.451,025.49969.74917.02
SUM PV LFCF 5,143.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.15
Free cash flow (t + 1) 1,321.11
Terminal Value 25,652.54
Present Value of Terminal Value 18,162.24

Intrinsic Value

Enterprise Value 23,305.73
Net Debt 2,799.10
Equity Value 20,506.63
Shares Outstanding 80.36
Equity Value Per Share 255.19