Discounted Cash Flow (DCF) Analysis Levered

Verimatrix Société anonyme (VMX.PA)

0.513 €

-0.03 (-4.65%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.15 | 0.513 | overvalue

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 42.0898.1694.8988.4761.0175.0792.36113.63139.80172
Revenue (%)
Operating Cash Flow 2.78-3.613.3212.682.903.834.725.807.148.78
Operating Cash Flow (%)
Capital Expenditure -0.30-2.29-6.64-8.29-3.45-3.77-4.63-5.70-7.01-8.63
Capital Expenditure (%)
Free Cash Flow 2.48-5.90-3.324.39-0.550.070.080.100.130.15

Weighted Average Cost Of Capital

Share price $ 0.513
Beta 1.455
Diluted Shares Outstanding 86.17
Cost of Debt
Tax Rate -12.64
After-tax Cost of Debt 20.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.165
Total Debt 43.50
Total Equity 44.20
Total Capital 87.71
Debt Weighting 49.60
Equity Weighting 50.40
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 42.0898.1694.8988.4761.0175.0792.36113.63139.80172
Operating Cash Flow 2.78-3.613.3212.682.903.834.725.807.148.78
Capital Expenditure -0.30-2.29-6.64-8.29-3.45-3.77-4.63-5.70-7.01-8.63
Free Cash Flow 2.48-5.90-3.324.39-0.550.070.080.100.130.15
WACC
PV LFCF 0.060.060.070.070.07
SUM PV LFCF 0.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 15.96
Free cash flow (t + 1) 0.16
Terminal Value 1.13
Present Value of Terminal Value 0.54

Intrinsic Value

Enterprise Value 0.87
Net Debt 13.46
Equity Value -12.59
Shares Outstanding 86.17
Equity Value Per Share -0.15