Discounted Cash Flow (DCF) Analysis Levered

Vetoquinol SA (VETO.PA)

79.7 €

+2.30 (+2.97%)
All numbers are in Millions, Currency in USD
Stock DCF: 61.05 | 79.7 | 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 352.17367.94395.99427.47521.27576636.47703.29777.12858.71
Revenue (%)
Operating Cash Flow 41.2337.8852.0292.2389.7185.1694.10103.98114.90126.96
Operating Cash Flow (%)
Capital Expenditure -13.70-14.22-14.33-145.46-32.40-59.47-65.71-72.61-80.23-88.65
Capital Expenditure (%)
Free Cash Flow 27.5223.6737.69-53.2357.3125.7028.3931.3834.6738.31

Weighted Average Cost Of Capital

Share price $ 79.7
Beta 0.688
Diluted Shares Outstanding 11.83
Cost of Debt
Tax Rate 27.34
After-tax Cost of Debt 2.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.194
Total Debt 15.38
Total Equity 943.11
Total Capital 958.49
Debt Weighting 1.60
Equity Weighting 98.40
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 352.17367.94395.99427.47521.27576636.47703.29777.12858.71
Operating Cash Flow 41.2337.8852.0292.2389.7185.1694.10103.98114.90126.96
Capital Expenditure -13.70-14.22-14.33-145.46-32.40-59.47-65.71-72.61-80.23-88.65
Free Cash Flow 27.5223.6737.69-53.2357.3125.7028.3931.3834.6738.31
WACC
PV LFCF 17.0117.5418.1018.6719.26
SUM PV LFCF 127.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.12
Free cash flow (t + 1) 39.07
Terminal Value 763.18
Present Value of Terminal Value 541.10

Intrinsic Value

Enterprise Value 668.85
Net Debt -53.62
Equity Value 722.46
Shares Outstanding 11.83
Equity Value Per Share 61.05