Discounted Cash Flow (DCF) Analysis Levered

Wendel (MF.PA)

89.3 €

-0.20 (-0.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 167.23 | 89.3 | undervalue

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 8,370.508,426.308,586.707,465.707,504.207,317.177,134.816,956.996,783.606,614.53
Revenue (%)
Operating Cash Flow 1,107.901,211.401,424.501,398.601,423.701,198.661,168.791,139.661,111.261,083.56
Operating Cash Flow (%)
Capital Expenditure -301.10-299.60-276.30-219.30-249.20-243.35-237.29-231.37-225.60-219.98
Capital Expenditure (%)
Free Cash Flow 806.80911.801,148.201,179.301,174.50955.31931.50908.29885.65863.58

Weighted Average Cost Of Capital

Share price $ 89.3
Beta 1.365
Diluted Shares Outstanding 80.36
Cost of Debt
Tax Rate -60.76
After-tax Cost of Debt 2.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.044
Total Debt 5,934.90
Total Equity 7,176.12
Total Capital 13,111.02
Debt Weighting 45.27
Equity Weighting 54.73
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 8,370.508,426.308,586.707,465.707,504.207,317.177,134.816,956.996,783.606,614.53
Operating Cash Flow 1,107.901,211.401,424.501,398.601,423.701,198.661,168.791,139.661,111.261,083.56
Capital Expenditure -301.10-299.60-276.30-219.30-249.20-243.35-237.29-231.37-225.60-219.98
Free Cash Flow 806.80911.801,148.201,179.301,174.50955.31931.50908.29885.65863.58
WACC
PV LFCF 735.65671.96613.78560.64512.10
SUM PV LFCF 3,763.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.75
Free cash flow (t + 1) 880.85
Terminal Value 18,544.19
Present Value of Terminal Value 13,377.30

Intrinsic Value

Enterprise Value 17,141.26
Net Debt 3,703.10
Equity Value 13,438.16
Shares Outstanding 80.36
Equity Value Per Share 167.23