Discounted Cash Flow (DCF) Analysis Levered

Colas SA (RE.PA)

175 €

+0.50 (+0.29%)
All numbers are in Millions, Currency in USD
Stock DCF: 238.79 | 175 | 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 13,19013,68812,29713,22615,52916,250.3517,005.2117,795.1418,621.7519,486.77
Revenue (%)
Operating Cash Flow 365798996599431780.05816.29854.21893.89935.41
Operating Cash Flow (%)
Capital Expenditure -462-408-304-357-390-460.41-481.80-504.18-527.60-552.11
Capital Expenditure (%)
Free Cash Flow -9739069224241319.64334.49350.03366.29383.30

Weighted Average Cost Of Capital

Share price $ 175
Beta 0.486
Diluted Shares Outstanding 32.65
Cost of Debt
Tax Rate 31.90
After-tax Cost of Debt 3.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.597
Total Debt 1,449
Total Equity 5,713.12
Total Capital 7,162.12
Debt Weighting 20.23
Equity Weighting 79.77
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 13,19013,68812,29713,22615,52916,250.3517,005.2117,795.1418,621.7519,486.77
Operating Cash Flow 365798996599431780.05816.29854.21893.89935.41
Capital Expenditure -462-408-304-357-390-460.41-481.80-504.18-527.60-552.11
Free Cash Flow -9739069224241319.64334.49350.03366.29383.30
WACC
PV LFCF 301.55297.70293.89290.13286.43
SUM PV LFCF 1,469.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.00
Free cash flow (t + 1) 390.97
Terminal Value 9,774.22
Present Value of Terminal Value 7,303.86

Intrinsic Value

Enterprise Value 8,773.56
Net Debt 978
Equity Value 7,795.56
Shares Outstanding 32.65
Equity Value Per Share 238.79