Discounted Cash Flow (DCF) Analysis Levered

Pacte Novation (MLPAC.PA)

11.7 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -27.19 | 11.7 | overvalue

Free Cash Flow

Year A/P	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	9.49	9.19	9.31	9.69	9.76	9.83	9.91	9.98	10.05	10.13	10.20	10.28
Revenue (%)
Operating Cash Flow	0.13	0.07	0.23	0.53	0.25	0.25	0.25	0.25	0.25	0.26	0.26	0.26
Operating Cash Flow (%)
Capital Expenditure	-0.09	-0.05	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.08	-0.08	-0.08	-0.08
Capital Expenditure (%)
Free Cash Flow	0.04	0.02	0.16	0.46	0.17	0.17	0.18	0.18	0.18	0.18	0.18	0.18

Weighted Average Cost Of Capital

Share price	$ 11.7
Beta	-0.456
Diluted Shares Outstanding	0.51
Cost of Debt
Tax Rate	44.03
After-tax Cost of Debt	218.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity	0.839
Total Debt	0
Total Equity	5.97
Total Capital	5.97
Debt Weighting	0.04
Equity Weighting	99.96
Wacc

Build Up Free Cash Flow

Year A/P	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Projected	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	9.49	9.19	9.31	9.69	9.76	9.83	9.91	9.98	10.05	10.13	10.20	10.28
Operating Cash Flow	0.13	0.07	0.23	0.53	0.25	0.25	0.25	0.25	0.25	0.26	0.26	0.26
Capital Expenditure	-0.09	-0.05	-0.07	-0.07	-0.07	-0.07	-0.07	-0.07	-0.08	-0.08	-0.08	-0.08
Free Cash Flow	0.04	0.02	0.16	0.46	0.17	0.17	0.18	0.18	0.18	0.18	0.18	0.18
WACC
PV LFCF					0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17
SUM PV LFCF												0.87

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	0.92
Free cash flow (t + 1)	0.19
Terminal Value	-17.20
Present Value of Terminal Value	-16.43

Intrinsic Value

Enterprise Value	-15.56
Net Debt	-1.69
Equity Value	-13.86
Shares Outstanding	0.51
Equity Value Per Share	-27.19