Discounted Cash Flow (DCF) Analysis Levered

CS Communication & Systemes SA (SX.PA)

11.2 €

-0.05 (-0.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.23 | 11.2 | 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 178.28201.66230.07209.40237.63256.46276.78298.71322.38347.93
Revenue (%)
Operating Cash Flow -3.161.5318.0229.718.5212.6213.6114.6915.8617.11
Operating Cash Flow (%)
Capital Expenditure -4.43-5.62-5.06-3.18-5.07-5.70-6.16-6.64-7.17-7.74
Capital Expenditure (%)
Free Cash Flow -7.58-4.0912.9626.543.456.917.468.058.699.38

Weighted Average Cost Of Capital

Share price $ 11.2
Beta 1.088
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 165.81
After-tax Cost of Debt -1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.825
Total Debt 133.77
Total Equity 894.51
Total Capital 1,028.28
Debt Weighting 13.01
Equity Weighting 86.99
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 178.28201.66230.07209.40237.63256.46276.78298.71322.38347.93
Operating Cash Flow -3.161.5318.0229.718.5212.6213.6114.6915.8617.11
Capital Expenditure -4.43-5.62-5.06-3.18-5.07-5.70-6.16-6.64-7.17-7.74
Free Cash Flow -7.58-4.0912.9626.543.456.917.468.058.699.38
WACC
PV LFCF 6.436.466.496.526.55
SUM PV LFCF 32.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.44
Free cash flow (t + 1) 9.56
Terminal Value 175.79
Present Value of Terminal Value 122.79

Intrinsic Value

Enterprise Value 155.25
Net Debt 57.23
Equity Value 98.02
Shares Outstanding 79.87
Equity Value Per Share 1.23