Discounted Cash Flow (DCF) Analysis Levered

Saint Jean Groupe Société anonyme (SABE.PA)

18.6 €

+0.60 (+3.33%)

All numbers are in Millions, Currency in USD

Stock DCF: -3.39 | 18.6 | 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	71	74.17	81.53	89.28	95.07	102.29	110.06	118.42	127.41	137.08
Revenue (%)
Operating Cash Flow	7.29	6.40	7.05	5.52	8.34	8.69	9.35	10.06	10.83	11.65
Operating Cash Flow (%)
Capital Expenditure	-8.96	-9.09	-5.76	-10.67	-23.14	-13.96	-15.02	-16.16	-17.38	-18.70
Capital Expenditure (%)
Free Cash Flow	-1.67	-2.69	1.29	-5.15	-14.81	-5.26	-5.66	-6.09	-6.56	-7.05

Weighted Average Cost Of Capital

Share price	$ 18.6
Beta	0.190
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	14.70
After-tax Cost of Debt	0.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.535
Total Debt	47.67
Total Equity	1,485.53
Total Capital	1,533.21
Debt Weighting	3.11
Equity Weighting	96.89
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	71	74.17	81.53	89.28	95.07	102.29	110.06	118.42	127.41	137.08
Operating Cash Flow	7.29	6.40	7.05	5.52	8.34	8.69	9.35	10.06	10.83	11.65
Capital Expenditure	-8.96	-9.09	-5.76	-10.67	-23.14	-13.96	-15.02	-16.16	-17.38	-18.70
Free Cash Flow	-1.67	-2.69	1.29	-5.15	-14.81	-5.26	-5.66	-6.09	-6.56	-7.05
WACC
PV LFCF						-4.62	-4.77	-4.91	-5.06	-5.22
SUM PV LFCF										-26.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.41
Free cash flow (t + 1)	-7.20
Terminal Value	-298.58
Present Value of Terminal Value	-240.63

Intrinsic Value

Enterprise Value	-267.42
Net Debt	3.24
Equity Value	-270.66
Shares Outstanding	79.87
Equity Value Per Share	-3.39