Discounted Cash Flow (DCF) Analysis Levered

Nexity SA (NXI.PA)

23.06 €

-0.02 (-0.09%)

All numbers are in Millions, Currency in USD

Stock DCF: 235.19 | 23.06 | 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	3,353.98	3,939.58	4,200.73	4,511.65	4,468.37	4,809.43	5,176.53	5,571.64	5,996.91	6,454.64
Revenue (%)
Operating Cash Flow	221.42	282.23	348.31	771.44	97.50	397.63	427.98	460.64	495.80	533.65
Operating Cash Flow (%)
Capital Expenditure	-33.05	-48.04	-68.81	-82.92	-54.65	-66.41	-71.47	-76.93	-82.80	-89.12
Capital Expenditure (%)
Free Cash Flow	188.37	234.19	279.50	688.52	42.85	331.22	356.50	383.71	413	444.52

Weighted Average Cost Of Capital

Share price	$ 23.06
Beta	1.207
Diluted Shares Outstanding	62.16
Cost of Debt
Tax Rate	25.58
After-tax Cost of Debt	2.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.586
Total Debt	2,419.82
Total Equity	1,433.45
Total Capital	3,853.27
Debt Weighting	62.80
Equity Weighting	37.20
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	3,353.98	3,939.58	4,200.73	4,511.65	4,468.37	4,809.43	5,176.53	5,571.64	5,996.91	6,454.64
Operating Cash Flow	221.42	282.23	348.31	771.44	97.50	397.63	427.98	460.64	495.80	533.65
Capital Expenditure	-33.05	-48.04	-68.81	-82.92	-54.65	-66.41	-71.47	-76.93	-82.80	-89.12
Free Cash Flow	188.37	234.19	279.50	688.52	42.85	331.22	356.50	383.71	413	444.52
WACC
PV LFCF						316.84	326.21	335.86	345.80	356.03
SUM PV LFCF										1,680.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.54
Free cash flow (t + 1)	453.41
Terminal Value	17,850.95
Present Value of Terminal Value	14,297.13

Intrinsic Value

Enterprise Value	15,977.85
Net Debt	1,358.20
Equity Value	14,619.66
Shares Outstanding	62.16
Equity Value Per Share	235.19