Discounted Cash Flow (DCF) Analysis Levered

NRJ Group SA (NRG.PA)

6.18 €

-0.22 (-3.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.80 | 6.18 | 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 374.31411.04406.56336.16378.62382.45386.31390.21394.15398.13
Revenue (%)
Operating Cash Flow 48.5970.6155.4643.6057.3655.0155.5756.1356.6957.27
Operating Cash Flow (%)
Capital Expenditure -12.72-49.16-16.44-14.62-18.25-21.85-22.07-22.30-22.52-22.75
Capital Expenditure (%)
Free Cash Flow 35.8721.4539.0228.9839.1133.1633.4933.8334.1734.52

Weighted Average Cost Of Capital

Share price $ 6.18
Beta 0.436
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 27.72
After-tax Cost of Debt 0.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.882
Total Debt 43.38
Total Equity 493.58
Total Capital 536.96
Debt Weighting 8.08
Equity Weighting 91.92
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 374.31411.04406.56336.16378.62382.45386.31390.21394.15398.13
Operating Cash Flow 48.5970.6155.4643.6057.3655.0155.5756.1356.6957.27
Capital Expenditure -12.72-49.16-16.44-14.62-18.25-21.85-22.07-22.30-22.52-22.75
Free Cash Flow 35.8721.4539.0228.9839.1133.1633.4933.8334.1734.52
WACC
PV LFCF 31.4430.1128.8327.6126.45
SUM PV LFCF 144.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.47
Free cash flow (t + 1) 35.21
Terminal Value 1,014.59
Present Value of Terminal Value 777.40

Intrinsic Value

Enterprise Value 921.84
Net Debt -259.94
Equity Value 1,181.79
Shares Outstanding 79.87
Equity Value Per Share 14.80