Discounted Cash Flow (DCF) Analysis Levered

Hydro-Exploitations Société anonyme (MLHYE.PA)

149 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 88.93 | 149 | overvalue

Free Cash Flow

Year A/P	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	1.91	2.07	1.85	1.96	2.30	2.42	2.55	2.68	2.82	2.97
Revenue (%)
Operating Cash Flow	0.67	0.85	0.55	0.90	0.79	0.90	0.95	1	1.05	1.11
Operating Cash Flow (%)
Capital Expenditure	-1.41	-0.13	-0.55	-0.35	-0.03	-0.62	-0.66	-0.69	-0.73	-0.77
Capital Expenditure (%)
Free Cash Flow	-0.74	0.72	-	0.55	0.76	0.28	0.29	0.31	0.32	0.34

Weighted Average Cost Of Capital

Share price	$ 149
Beta	0.417
Diluted Shares Outstanding	0.12
Cost of Debt
Tax Rate	-22.22
After-tax Cost of Debt	-1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.658
Total Debt	2.21
Total Equity	17.88
Total Capital	20.09
Debt Weighting	11.00
Equity Weighting	89.00
Wacc

Build Up Free Cash Flow

Year A/P	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	1.91	2.07	1.85	1.96	2.30	2.42	2.55	2.68	2.82	2.97
Operating Cash Flow	0.67	0.85	0.55	0.90	0.79	0.90	0.95	1	1.05	1.11
Capital Expenditure	-1.41	-0.13	-0.55	-0.35	-0.03	-0.62	-0.66	-0.69	-0.73	-0.77
Free Cash Flow	-0.74	0.72	-	0.55	0.76	0.28	0.29	0.31	0.32	0.34
WACC
PV LFCF						0.26	0.26	0.27	0.27	0.27
SUM PV LFCF										1.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.84
Free cash flow (t + 1)	0.35
Terminal Value	12.20
Present Value of Terminal Value	9.63

Intrinsic Value

Enterprise Value	10.96
Net Debt	0.29
Equity Value	10.67
Shares Outstanding	0.12
Equity Value Per Share	88.93