Discounted Cash Flow (DCF) Analysis Levered

Nexans S.A. (NEX.PA)

97.1 €

-3.30 (-3.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 40.88 | 97.1 | overvalue

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 6,3706,4906,7355,9797,3747,701.518,043.568,400.818,773.929,163.61
Revenue (%)
Operating Cash Flow 165263300456401372.16388.69405.96423.99442.82
Operating Cash Flow (%)
Capital Expenditure -169-207-238-225-206-245.42-256.32-267.70-279.59-292.01
Capital Expenditure (%)
Free Cash Flow -45662231195126.74132.37138.25144.39150.81

Weighted Average Cost Of Capital

Share price $ 97.1
Beta 1.558
Diluted Shares Outstanding 44.83
Cost of Debt
Tax Rate 30.80
After-tax Cost of Debt 1.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.026
Total Debt 1,047
Total Equity 4,352.79
Total Capital 5,399.79
Debt Weighting 19.39
Equity Weighting 80.61
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 6,3706,4906,7355,9797,3747,701.518,043.568,400.818,773.929,163.61
Operating Cash Flow 165263300456401372.16388.69405.96423.99442.82
Capital Expenditure -169-207-238-225-206-245.42-256.32-267.70-279.59-292.01
Free Cash Flow -45662231195126.74132.37138.25144.39150.81
WACC
PV LFCF 106.29101.6697.2392.9988.94
SUM PV LFCF 531.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.20
Free cash flow (t + 1) 153.82
Terminal Value 2,136.43
Present Value of Terminal Value 1,375.87

Intrinsic Value

Enterprise Value 1,907.78
Net Debt 75
Equity Value 1,832.78
Shares Outstanding 44.83
Equity Value Per Share 40.88