Discounted Cash Flow (DCF) Analysis Levered

Fiducial Real Estate SA (ORIA.PA)

182 €

+4.00 (+2.25%)
All numbers are in Millions, Currency in USD
Stock DCF: 376.37 | 182 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 82.2979.9580.4084.6591.2693.7396.2798.87101.55104.30
Revenue (%)
Operating Cash Flow 43.2441.9742.5453.0344.6750.5351.9053.3054.7556.23
Operating Cash Flow (%)
Capital Expenditure -25.42-18.41-21.02-13.13-29.45-23.96-24.61-25.28-25.96-26.67
Capital Expenditure (%)
Free Cash Flow 17.8323.5621.5339.9015.2326.5727.2928.0328.7829.56

Weighted Average Cost Of Capital

Share price $ 182
Beta 0.115
Diluted Shares Outstanding 2.41
Cost of Debt
Tax Rate 1.61
After-tax Cost of Debt 4.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.702
Total Debt 193.65
Total Equity 439.35
Total Capital 633
Debt Weighting 30.59
Equity Weighting 69.41
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 82.2979.9580.4084.6591.2693.7396.2798.87101.55104.30
Operating Cash Flow 43.2441.9742.5453.0344.6750.5351.9053.3054.7556.23
Capital Expenditure -25.42-18.41-21.02-13.13-29.45-23.96-24.61-25.28-25.96-26.67
Free Cash Flow 17.8323.5621.5339.9015.2326.5727.2928.0328.7829.56
WACC
PV LFCF 25.4224.9824.5424.1223.70
SUM PV LFCF 122.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.52
Free cash flow (t + 1) 30.15
Terminal Value 1,196.59
Present Value of Terminal Value 959.29

Intrinsic Value

Enterprise Value 1,082.05
Net Debt 173.50
Equity Value 908.56
Shares Outstanding 2.41
Equity Value Per Share 376.37