Discounted Cash Flow (DCF) Analysis Levered

Veolia Environnement S.A. (VIE.PA)

20.71 €

-0.66 (-3.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 183.71 | 20.71 | undervalue

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 25,124.6025,911.1027,188.7026,009.9028,508.1029,458.1530,439.8731,454.3032,502.5333,585.70
Revenue (%)
Operating Cash Flow 2,452.202,3913,087.802,7253,147.203,055.473,157.303,262.523,371.243,483.59
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----3,055.473,157.303,262.523,371.243,483.59

Weighted Average Cost Of Capital

Share price $ 20.71
Beta 0.994
Diluted Shares Outstanding 601.45
Cost of Debt
Tax Rate 55.11
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.391
Total Debt 12,965.40
Total Equity 12,456.01
Total Capital 25,421.41
Debt Weighting 51.00
Equity Weighting 49.00
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 25,124.6025,911.1027,188.7026,009.9028,508.1029,458.1530,439.8731,454.3032,502.5333,585.70
Operating Cash Flow 2,452.202,3913,087.802,7253,147.203,055.473,157.303,262.523,371.243,483.59
Capital Expenditure ----------
Free Cash Flow -----3,055.473,157.303,262.523,371.243,483.59
WACC
PV LFCF 2,914.412,872.512,831.212,790.502,750.38
SUM PV LFCF 14,159.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.84
Free cash flow (t + 1) 3,553.26
Terminal Value 125,114.93
Present Value of Terminal Value 98,781.15

Intrinsic Value

Enterprise Value 112,940.16
Net Debt 2,446.70
Equity Value 110,493.46
Shares Outstanding 601.45
Equity Value Per Share 183.71