Discounted Cash Flow (DCF) Analysis Levered

Deoleo, S.A. (OLE.MC)

0.2335 €

-0.00 (-0.43%)

All numbers are in Millions, Currency in USD

Stock DCF: -0.15 | 0.2335 | 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	692.33	605.56	561.95	665.61	703.08	710.71	718.43	726.22	734.11	742.07
Revenue (%)
Operating Cash Flow	-22.74	-11.89	11.63	40.45	27.58	9.70	9.80	9.91	10.01	10.12
Operating Cash Flow (%)
Capital Expenditure	-7.25	-3.96	-6.41	-4.66	-4	-5.84	-5.91	-5.97	-6.04	-6.10
Capital Expenditure (%)
Free Cash Flow	-29.98	-15.86	5.22	35.79	23.58	3.85	3.89	3.94	3.98	4.02

Weighted Average Cost Of Capital

Share price	$ 0.2,335
Beta	2.038
Diluted Shares Outstanding	935.12
Cost of Debt
Tax Rate	13.13
After-tax Cost of Debt	4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.184
Total Debt	203.42
Total Equity	218.35
Total Capital	421.77
Debt Weighting	48.23
Equity Weighting	51.77
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	692.33	605.56	561.95	665.61	703.08	710.71	718.43	726.22	734.11	742.07
Operating Cash Flow	-22.74	-11.89	11.63	40.45	27.58	9.70	9.80	9.91	10.01	10.12
Capital Expenditure	-7.25	-3.96	-6.41	-4.66	-4	-5.84	-5.91	-5.97	-6.04	-6.10
Free Cash Flow	-29.98	-15.86	5.22	35.79	23.58	3.85	3.89	3.94	3.98	4.02
WACC
PV LFCF						3.54	3.28	3.05	2.83	2.63
SUM PV LFCF										15.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.89
Free cash flow (t + 1)	4.10
Terminal Value	59.54
Present Value of Terminal Value	38.89

Intrinsic Value

Enterprise Value	54.22
Net Debt	193.54
Equity Value	-139.32
Shares Outstanding	935.12
Equity Value Per Share	-0.15