Discounted Cash Flow (DCF) Analysis Levered

Groupe Partouche SA (PARP.PA)

21.1 €

+0.10 (+0.48%)

All numbers are in Millions, Currency in USD

Stock DCF: 31.30 | 21.1 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	410.84	433.49	343.46	255.70	388.77	399.69	410.91	422.45	434.32	446.52
Revenue (%)
Operating Cash Flow	49.34	72.48	49.36	37.51	78.53	62.33	64.08	65.88	67.73	69.63
Operating Cash Flow (%)
Capital Expenditure	-66.45	-55.82	-36	-34	-41.58	-50.78	-52.20	-53.67	-55.18	-56.73
Capital Expenditure (%)
Free Cash Flow	-17.11	16.67	13.35	3.52	36.95	11.55	11.87	12.21	12.55	12.90

Weighted Average Cost Of Capital

Share price	$ 21.1
Beta	1.159
Diluted Shares Outstanding	9.61
Cost of Debt
Tax Rate	10.97
After-tax Cost of Debt	1.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.282
Total Debt	277.65
Total Equity	202.77
Total Capital	480.43
Debt Weighting	57.79
Equity Weighting	42.21
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	410.84	433.49	343.46	255.70	388.77	399.69	410.91	422.45	434.32	446.52
Operating Cash Flow	49.34	72.48	49.36	37.51	78.53	62.33	64.08	65.88	67.73	69.63
Capital Expenditure	-66.45	-55.82	-36	-34	-41.58	-50.78	-52.20	-53.67	-55.18	-56.73
Free Cash Flow	-17.11	16.67	13.35	3.52	36.95	11.55	11.87	12.21	12.55	12.90
WACC
PV LFCF						11.01	10.79	10.58	10.37	10.16
SUM PV LFCF										52.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.89
Free cash flow (t + 1)	13.16
Terminal Value	455.39
Present Value of Terminal Value	358.68

Intrinsic Value

Enterprise Value	411.60
Net Debt	110.78
Equity Value	300.81
Shares Outstanding	9.61
Equity Value Per Share	31.30