Discounted Cash Flow (DCF) Analysis Levered

Worldline SA (WLN.PA)

11.835 €

+0.23 (+1.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 128.09 | 11.835 | undervalue

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 1,720.302,381.602,747.803,689.404,364.105,524.656,993.828,853.6911,208.1514,188.74
Revenue (%)
Operating Cash Flow 313.50426.80511.30982.201,069.901,170.011,481.151,875.032,373.663,004.89
Operating Cash Flow (%)
Capital Expenditure -105.50-113.90-155.30-225.60-324.90-332.88-421.40-533.46-675.33-854.92
Capital Expenditure (%)
Free Cash Flow 208312.90356756.60745837.131,059.751,341.571,698.342,149.98

Weighted Average Cost Of Capital

Share price $ 11.835
Beta 1.354
Diluted Shares Outstanding 294.41
Cost of Debt
Tax Rate 26.79
After-tax Cost of Debt 3.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.707
Total Debt 4,131
Total Equity 3,484.38
Total Capital 7,615.38
Debt Weighting 54.25
Equity Weighting 45.75
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 1,720.302,381.602,747.803,689.404,364.105,524.656,993.828,853.6911,208.1514,188.74
Operating Cash Flow 313.50426.80511.30982.201,069.901,170.011,481.151,875.032,373.663,004.89
Capital Expenditure -105.50-113.90-155.30-225.60-324.90-332.88-421.40-533.46-675.33-854.92
Free Cash Flow 208312.90356756.60745837.131,059.751,341.571,698.342,149.98
WACC
PV LFCF 785.23932.411,107.181,314.721,561.15
SUM PV LFCF 5,700.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.61
Free cash flow (t + 1) 2,192.97
Terminal Value 47,569.96
Present Value of Terminal Value 34,541.65

Intrinsic Value

Enterprise Value 40,242.34
Net Debt 2,531.50
Equity Value 37,710.84
Shares Outstanding 294.41
Equity Value Per Share 128.09