Discounted Cash Flow (DCF) Analysis Levered

Vranken-Pommery Monopole Société An... (VRAP.PA)

16.55 €

-0.25 (-1.49%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.80 | 16.55 | 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	300.24	300.42	274.63	244.01	301.25	304.10	306.98	309.88	312.81	315.77
Revenue (%)
Operating Cash Flow	36.29	11.65	1.77	58.08	63.91	37.48	37.84	38.19	38.56	38.92
Operating Cash Flow (%)
Capital Expenditure	-17.74	-13.49	-16.89	-14.25	-14.29	-16.50	-16.66	-16.82	-16.98	-17.14
Capital Expenditure (%)
Free Cash Flow	18.54	-1.84	-15.12	43.83	49.62	20.98	21.18	21.38	21.58	21.78

Weighted Average Cost Of Capital

Share price	$ 16.55
Beta	0.614
Diluted Shares Outstanding	79.87
Cost of Debt
Tax Rate	25.11
After-tax Cost of Debt	1.91%
Risk-Free Rate
Market Risk Premium
Cost of Equity	6.278
Total Debt	669.86
Total Equity	1,321.80
Total Capital	1,991.67
Debt Weighting	33.63
Equity Weighting	66.37
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	300.24	300.42	274.63	244.01	301.25	304.10	306.98	309.88	312.81	315.77
Operating Cash Flow	36.29	11.65	1.77	58.08	63.91	37.48	37.84	38.19	38.56	38.92
Capital Expenditure	-17.74	-13.49	-16.89	-14.25	-14.29	-16.50	-16.66	-16.82	-16.98	-17.14
Free Cash Flow	18.54	-1.84	-15.12	43.83	49.62	20.98	21.18	21.38	21.58	21.78
WACC
PV LFCF						20.01	19.28	18.57	17.88	17.22
SUM PV LFCF										92.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.81
Free cash flow (t + 1)	22.22
Terminal Value	790.68
Present Value of Terminal Value	625.15

Intrinsic Value

Enterprise Value	718.11
Net Debt	654.61
Equity Value	63.50
Shares Outstanding	79.87
Equity Value Per Share	0.80