Discounted Cash Flow (DCF) Analysis Levered

SES S.A. (SESG.PA)

7.526 €

+0.02 (+0.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.96 | 7.526 | 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 2,0351,933.501,940.901,8361,7501,685.711,623.791,564.141,506.681,451.34
Revenue (%)
Operating Cash Flow 1,251.201,191.301,134.101,0491,2941,053.931,015.22977.92942907.40
Operating Cash Flow (%)
Capital Expenditure -481.20-328.20-305.30-210-280-282.49-272.11-262.11-252.48-243.21
Capital Expenditure (%)
Free Cash Flow 770863.10828.808391,014771.45743.11715.81689.52664.19

Weighted Average Cost Of Capital

Share price $ 7.526
Beta 0.753
Diluted Shares Outstanding 562.10
Cost of Debt
Tax Rate -14.11
After-tax Cost of Debt 2.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.405
Total Debt 3,614
Total Equity 4,230.36
Total Capital 7,844.36
Debt Weighting 46.07
Equity Weighting 53.93
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 2,0351,933.501,940.901,8361,7501,685.711,623.791,564.141,506.681,451.34
Operating Cash Flow 1,251.201,191.301,134.101,0491,2941,053.931,015.22977.92942907.40
Capital Expenditure -481.20-328.20-305.30-210-280-282.49-272.11-262.11-252.48-243.21
Free Cash Flow 770863.10828.808391,014771.45743.11715.81689.52664.19
WACC
PV LFCF 737.03678.28624.21574.45528.66
SUM PV LFCF 3,142.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.67
Free cash flow (t + 1) 677.47
Terminal Value 25,373.42
Present Value of Terminal Value 20,196.12

Intrinsic Value

Enterprise Value 23,338.75
Net Debt 2,565
Equity Value 20,773.75
Shares Outstanding 562.10
Equity Value Per Share 36.96