Discounted Cash Flow (DCF) Analysis Levered

Hotelim Société Anonyme (MLHOT.PA)

28.8 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 532.36 | 28.8 | undervalue

Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	19.27	21.31	22.11	23.70	25.39	27.22	29.17	31.26	33.50	35.90	38.48
Revenue (%)
Operating Cash Flow	3.85	4.17	3.95	4.53	4.86	5.21	5.58	5.98	6.41	6.87	7.36
Operating Cash Flow (%)
Capital Expenditure	-2.47	-0.85	-2.54	-2.23	-2.40	-2.57	-2.75	-2.95	-3.16	-3.39	-3.63
Capital Expenditure (%)
Free Cash Flow	1.38	3.32	1.41	2.30	2.46	2.64	2.83	3.03	3.25	3.48	3.73

Weighted Average Cost Of Capital

Share price	$ 28.8
Beta	0.000
Diluted Shares Outstanding	0.97
Cost of Debt
Tax Rate	-9.69
After-tax Cost of Debt	0.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.518
Total Debt	11.75
Total Equity	27.94
Total Capital	39.68
Debt Weighting	29.60
Equity Weighting	70.40
Wacc

Build Up Free Cash Flow

Year A/P	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	19.27	21.31	22.11	23.70	25.39	27.22	29.17	31.26	33.50	35.90	38.48
Operating Cash Flow	3.85	4.17	3.95	4.53	4.86	5.21	5.58	5.98	6.41	6.87	7.36
Capital Expenditure	-2.47	-0.85	-2.54	-2.23	-2.40	-2.57	-2.75	-2.95	-3.16	-3.39	-3.63
Free Cash Flow	1.38	3.32	1.41	2.30	2.46	2.64	2.83	3.03	3.25	3.48	3.73
WACC
PV LFCF				2.36	2.46	2.57	2.69	2.80	2.93	3.05	3.19
SUM PV LFCF											15.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	2.68
Free cash flow (t + 1)	3.81
Terminal Value	560.17
Present Value of Terminal Value	490.78

Intrinsic Value

Enterprise Value	505.83
Net Debt	-10.56
Equity Value	516.39
Shares Outstanding	0.97
Equity Value Per Share	532.36