Discounted Cash Flow (DCF) Analysis Unlevered

AB Science S.A. (AB.PA)

7.9 €

-0.05 (-0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.27 | 7.9 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.741.701.571.581.611.581.551.521.491.46
Revenue (%)
EBITDA -26.78-25.13-20.65-13.77-11.14-18.59-18.24-17.89-17.56-17.23
EBITDA (%)
EBIT -27.12-26.06-21.73-14.92-12.87-19.61-19.24-18.87-18.52-18.17
EBIT (%)
Depreciation 0.340.921.071.151.731.0210.980.960.94
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 38.7911.565.6920.668.7216.1515.8415.5415.2514.96
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.160.150.230.080.140.150.140.140.140.14
Inventories (%)
Accounts Payable 15.4815.041513.2911.3713.4813.2312.9812.7312.49
Accounts Payable (%)
Capital Expenditure -0.50-0.48-0.39-0.37-0.56-0.44-0.44-0.43-0.42-0.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.9
Beta 0.981
Diluted Shares Outstanding 47.52
Cost of Debt
Tax Rate 1.65
After-tax Cost of Debt 15.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.427
Total Debt 8.35
Total Equity 375.41
Total Capital 383.77
Debt Weighting 2.18
Equity Weighting 97.82
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 1.741.701.571.581.611.581.551.521.491.46
EBITDA -26.78-25.13-20.65-13.77-11.14-18.59-18.24-17.89-17.56-17.23
EBIT -27.12-26.06-21.73-14.92-12.87-19.61-19.24-18.87-18.52-18.17
Tax Rate -0.03%-0.02%-0.01%-0.05%1.65%0.31%0.31%0.31%0.31%0.31%
EBIAT -27.12-26.06-21.73-14.93-12.66-19.55-19.18-18.81-18.46-18.11
Depreciation 0.340.921.071.151.731.0210.980.960.94
Accounts Receivable ----------
Inventories -0.01-0.080.15-0.06-0.010000
Accounts Payable --0.45-0.03-1.72-1.922.12-0.25-0.25-0.24-0.24
Capital Expenditure -0.50-0.48-0.39-0.37-0.56-0.44-0.44-0.43-0.42-0.41
UFCF -27.29-26.06-21.15-15.72-13.47-16.86-18.87-18.51-18.16-17.82
WACC
PV UFCF -15.67-16.30-14.86-13.55-12.36
SUM PV UFCF -72.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.59
Free cash flow (t + 1) -18.17
Terminal Value -325.13
Present Value of Terminal Value -225.52

Intrinsic Value

Enterprise Value -298.27
Net Debt -0.37
Equity Value -297.90
Shares Outstanding 47.52
Equity Value Per Share -6.27