Discounted Cash Flow (DCF) Analysis Levered

SergeFerrari Group SA (SEFER.PA)

7.34 €

+0.17 (+2.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 67.45 | 7.34 | 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 184.90189.05195.30285.88338.70398.31468.41550.86647.81761.84
Revenue (%)
Operating Cash Flow 6.7921.4326.9037.399.2635.5241.7849.1357.7867.95
Operating Cash Flow (%)
Capital Expenditure -7.72-8.37-7.93-9-13.11-15.68-18.44-21.68-25.50-29.99
Capital Expenditure (%)
Free Cash Flow -0.9313.0618.9728.39-3.8519.8523.3427.4532.2837.96

Weighted Average Cost Of Capital

Share price $ 7.34
Beta 1.150
Diluted Shares Outstanding 11.94
Cost of Debt
Tax Rate 30.96
After-tax Cost of Debt 2.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.647
Total Debt 118.21
Total Equity 87.65
Total Capital 205.86
Debt Weighting 57.42
Equity Weighting 42.58
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 184.90189.05195.30285.88338.70398.31468.41550.86647.81761.84
Operating Cash Flow 6.7921.4326.9037.399.2635.5241.7849.1357.7867.95
Capital Expenditure -7.72-8.37-7.93-9-13.11-15.68-18.44-21.68-25.50-29.99
Free Cash Flow -0.9313.0618.9728.39-3.8519.8523.3427.4532.2837.96
WACC
PV LFCF 16.7718.6420.7323.0425.62
SUM PV LFCF 117.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.78
Free cash flow (t + 1) 38.72
Terminal Value 1,024.37
Present Value of Terminal Value 773.46

Intrinsic Value

Enterprise Value 890.72
Net Debt 85.32
Equity Value 805.40
Shares Outstanding 11.94
Equity Value Per Share 67.45