Discounted Cash Flow (DCF) Analysis Levered

STEF SA (STF.PA)

106.8 €

+2.80 (+2.69%)

All numbers are in Millions, Currency in USD

Stock DCF: 16.90 | 106.8 | 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	2,975.65	3,255.14	3,441.02	3,145.04	3,506.65	3,664.44	3,829.33	4,001.64	4,181.71	4,369.87
Revenue (%)
Operating Cash Flow	183.55	234.59	265.13	221.45	368.22	283.06	295.79	309.10	323.01	337.55
Operating Cash Flow (%)
Capital Expenditure	-174.18	-303.40	-154.44	-208.13	-165.13	-227.11	-237.33	-248.01	-259.17	-270.83
Capital Expenditure (%)
Free Cash Flow	9.37	-68.80	110.69	13.32	203.09	55.94	58.46	61.09	63.84	66.71

Weighted Average Cost Of Capital

Share price	$ 106.8
Beta	0.886
Diluted Shares Outstanding	31.43
Cost of Debt
Tax Rate	25.42
After-tax Cost of Debt	0.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.872
Total Debt	1,033.15
Total Equity	3,356.44
Total Capital	4,389.59
Debt Weighting	23.54
Equity Weighting	76.46
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	2,975.65	3,255.14	3,441.02	3,145.04	3,506.65	3,664.44	3,829.33	4,001.64	4,181.71	4,369.87
Operating Cash Flow	183.55	234.59	265.13	221.45	368.22	283.06	295.79	309.10	323.01	337.55
Capital Expenditure	-174.18	-303.40	-154.44	-208.13	-165.13	-227.11	-237.33	-248.01	-259.17	-270.83
Free Cash Flow	9.37	-68.80	110.69	13.32	203.09	55.94	58.46	61.09	63.84	66.71
WACC
PV LFCF						52.70	51.88	51.07	50.28	49.50
SUM PV LFCF										255.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.15
Free cash flow (t + 1)	68.05
Terminal Value	1,639.65
Present Value of Terminal Value	1,216.61

Intrinsic Value

Enterprise Value	1,472.05
Net Debt	940.91
Equity Value	531.14
Shares Outstanding	31.43
Equity Value Per Share	16.90