Discounted Cash Flow (DCF) Analysis Levered

Thermador Groupe SA (THEP.PA)

82 €

+0.20 (+0.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 94.37 | 82 | 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 311.19368.84395.50486.50553.86640.55740.81856.76990.861,145.95
Revenue (%)
Operating Cash Flow 18.3443.1939.2428.5025.1748.5956.2064.9975.1686.93
Operating Cash Flow (%)
Capital Expenditure -5.46-8.59-10.61-12.22-11.04-14.44-16.70-19.31-22.34-25.83
Capital Expenditure (%)
Free Cash Flow 12.8834.6028.6316.2814.1434.1539.5045.6852.8361.10

Weighted Average Cost Of Capital

Share price $ 82
Beta 0.777
Diluted Shares Outstanding 9.70
Cost of Debt
Tax Rate 25.49
After-tax Cost of Debt 3.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.918
Total Debt 53.09
Total Equity 795.22
Total Capital 848.31
Debt Weighting 6.26
Equity Weighting 93.74
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 311.19368.84395.50486.50553.86640.55740.81856.76990.861,145.95
Operating Cash Flow 18.3443.1939.2428.5025.1748.5956.2064.9975.1686.93
Capital Expenditure -5.46-8.59-10.61-12.22-11.04-14.44-16.70-19.31-22.34-25.83
Free Cash Flow 12.8834.6028.6316.2814.1434.1539.5045.6852.8361.10
WACC
PV LFCF 31.7334.1036.6539.3842.32
SUM PV LFCF 184.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.62
Free cash flow (t + 1) 62.32
Terminal Value 1,108.86
Present Value of Terminal Value 768.09

Intrinsic Value

Enterprise Value 952.27
Net Debt 37.06
Equity Value 915.21
Shares Outstanding 9.70
Equity Value Per Share 94.37