Discounted Cash Flow (DCF) Analysis Levered

Tarkett S.A. (TKTT.PA)

11.15 €

+0.05 (+0.45%)

All numbers are in Millions, Currency in USD

Stock DCF: 23.85 | 11.15 | 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	2,836.10	2,991.90	2,632.90	2,792.10	3,358.90	3,525.51	3,700.39	3,883.93	4,076.59	4,278.80
Revenue (%)
Operating Cash Flow	163	384.30	264.10	117.60	-19.10	227.51	238.79	250.64	263.07	276.12
Operating Cash Flow (%)
Capital Expenditure	-128.20	-124.60	-74.10	-72.80	-96.70	-119.77	-125.71	-131.94	-138.49	-145.36
Capital Expenditure (%)
Free Cash Flow	34.80	259.70	190	44.80	-115.80	107.74	113.09	118.70	124.58	130.76

Weighted Average Cost Of Capital

Share price	$ 11.15
Beta	1.275
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	-239.24
After-tax Cost of Debt	3.56%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.713
Total Debt	873
Total Equity	890.52
Total Capital	1,763.52
Debt Weighting	49.50
Equity Weighting	50.50
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	2,836.10	2,991.90	2,632.90	2,792.10	3,358.90	3,525.51	3,700.39	3,883.93	4,076.59	4,278.80
Operating Cash Flow	163	384.30	264.10	117.60	-19.10	227.51	238.79	250.64	263.07	276.12
Capital Expenditure	-128.20	-124.60	-74.10	-72.80	-96.70	-119.77	-125.71	-131.94	-138.49	-145.36
Free Cash Flow	34.80	259.70	190	44.80	-115.80	107.74	113.09	118.70	124.58	130.76
WACC
PV LFCF						101.01	99.39	97.79	96.23	94.68
SUM PV LFCF										489.10

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.67
Free cash flow (t + 1)	133.38
Terminal Value	2,856.09
Present Value of Terminal Value	2,068.05

Intrinsic Value

Enterprise Value	2,557.15
Net Debt	652.20
Equity Value	1,904.95
Shares Outstanding	79.87
Equity Value Per Share	23.85