Discounted Cash Flow (DCF) Analysis Levered

CS Communication & Systemes SA (SX.PA)

11.5 €

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 7.89 | 11.5 | 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	178.28	201.66	230.07	209.40	237.63	256.46	276.78	298.71	322.38	347.93
Revenue (%)
Operating Cash Flow	-3.16	1.53	18.02	29.71	8.52	12.62	13.61	14.69	15.86	17.11
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	-4.09	12.96	26.54	3.45	6.91	7.46	8.05	8.69	9.38

Weighted Average Cost Of Capital

Share price	$ 11.5
Beta	0.922
Diluted Shares Outstanding	24.50
Cost of Debt
Tax Rate	165.81
After-tax Cost of Debt	-1.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.829
Total Debt	133.77
Total Equity	281.75
Total Capital	415.52
Debt Weighting	32.19
Equity Weighting	67.81
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	178.28	201.66	230.07	209.40	237.63	256.46	276.78	298.71	322.38	347.93
Operating Cash Flow	-3.16	1.53	18.02	29.71	8.52	12.62	13.61	14.69	15.86	17.11
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	-4.09	12.96	26.54	3.45	6.91	7.46	8.05	8.69	9.38
WACC
PV LFCF						6.56	6.71	6.87	7.04	7.21
SUM PV LFCF										34.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.40
Free cash flow (t + 1)	9.56
Terminal Value	281.27
Present Value of Terminal Value	216.23

Intrinsic Value

Enterprise Value	250.62
Net Debt	57.23
Equity Value	193.40
Shares Outstanding	24.50
Equity Value Per Share	7.89