Discounted Cash Flow (DCF) Analysis Levered

Verimatrix Société anonyme (VMX.PA)

0.532 €

-0.02 (-2.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.62 | 0.532 | 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 38.8242.0898.1694.8988.47117.56156.24207.63275.92366.69
Revenue (%)
Operating Cash Flow 2.482.78-3.613.3212.686.388.4811.2714.9819.91
Operating Cash Flow (%)
Capital Expenditure -0.25-0.30-2.29-6.64-8.29-4.72-6.27-8.33-11.08-14.72
Capital Expenditure (%)
Free Cash Flow 2.232.48-5.90-3.324.391.672.212.943.915.19

Weighted Average Cost Of Capital

Share price $ 0.532
Beta 1.607
Diluted Shares Outstanding 91.16
Cost of Debt
Tax Rate 44.54
After-tax Cost of Debt 5.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.412
Total Debt 56.80
Total Equity 48.50
Total Capital 105.30
Debt Weighting 53.94
Equity Weighting 46.06
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 38.8242.0898.1694.8988.47117.56156.24207.63275.92366.69
Operating Cash Flow 2.482.78-3.613.3212.686.388.4811.2714.9819.91
Capital Expenditure -0.25-0.30-2.29-6.64-8.29-4.72-6.27-8.33-11.08-14.72
Free Cash Flow 2.232.48-5.90-3.324.391.672.212.943.915.19
WACC
PV LFCF 1.541.882.312.833.48
SUM PV LFCF 12.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.36
Free cash flow (t + 1) 5.30
Terminal Value 83.29
Present Value of Terminal Value 55.75

Intrinsic Value

Enterprise Value 67.79
Net Debt 11.54
Equity Value 56.26
Shares Outstanding 91.16
Equity Value Per Share 0.62