Discounted Cash Flow (DCF) Analysis Levered

Savencia SA (SAVE.PA)

58.7 €

+0.70 (+1.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 385.41 | 58.7 | undervalue

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 4,852.824,862.625,007.295,160.385,610.425,820.196,037.806,263.546,497.736,740.67
Revenue (%)
Operating Cash Flow 151.42224.46249.93385.21301.59297.62308.75320.29332.27344.69
Operating Cash Flow (%)
Capital Expenditure -176.38-195.94-218.94-199.30-229.42-232.67-241.37-250.39-259.75-269.46
Capital Expenditure (%)
Free Cash Flow -24.9628.5230.99185.9172.1764.9567.3869.9072.5175.23

Weighted Average Cost Of Capital

Share price $ 58.7
Beta 0.842
Diluted Shares Outstanding 13.76
Cost of Debt
Tax Rate 47.03
After-tax Cost of Debt 0.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.821
Total Debt 1,087.93
Total Equity 807.43
Total Capital 1,895.37
Debt Weighting 57.40
Equity Weighting 42.60
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 4,852.824,862.625,007.295,160.385,610.425,820.196,037.806,263.546,497.736,740.67
Operating Cash Flow 151.42224.46249.93385.21301.59297.62308.75320.29332.27344.69
Capital Expenditure -176.38-195.94-218.94-199.30-229.42-232.67-241.37-250.39-259.75-269.46
Free Cash Flow -24.9628.5230.99185.9172.1764.9567.3869.9072.5175.23
WACC
PV LFCF 62.9463.2863.6263.9564.29
SUM PV LFCF 318.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.19
Free cash flow (t + 1) 76.73
Terminal Value 6,447.87
Present Value of Terminal Value 5,510.97

Intrinsic Value

Enterprise Value 5,829.06
Net Debt 527.69
Equity Value 5,301.37
Shares Outstanding 13.76
Equity Value Per Share 385.41