Discounted Cash Flow (DCF) Analysis Unlevered

ABC arbitrage SA (ABCA.PA)

6.59 €

+0.13 (+2.01%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.54 | 6.59 | undervalue

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 32.3333.5131.7469.0864.3281.87104.20132.62168.80214.84
Revenue (%)
EBITDA 18.5720.2319.5937.1137.1247.6460.6377.1798.22125.01
EBITDA (%)
EBIT 17.7119.3218.1135.4735.3745.1657.4873.1693.11118.51
EBIT (%)
Depreciation 0.860.911.481.651.752.483.154.015.116.50
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 7.946.967.798.7718.2518.1623.1229.4237.4547.66
Total Cash (%)
Account Receivables 7.298.206.329.8824.5519.5524.8931.6840.3251.31
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.360.380.380.580.960.941.201.531.952.48
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.59
Beta 0.258
Diluted Shares Outstanding 58.51
Cost of Debt
Tax Rate 20.69
After-tax Cost of Debt 0.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.046
Total Debt 5.39
Total Equity 385.59
Total Capital 390.98
Debt Weighting 1.38
Equity Weighting 98.62
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 32.3333.5131.7469.0864.3281.87104.20132.62168.80214.84
EBITDA 18.5720.2319.5937.1137.1247.6460.6377.1798.22125.01
EBIT 17.7119.3218.1135.4735.3745.1657.4873.1693.11118.51
Tax Rate -3.36%-1.87%-1.48%0.98%20.69%2.99%2.99%2.99%2.99%2.99%
EBIAT 18.3119.6818.3735.1228.0543.8155.7670.9790.32114.96
Depreciation 0.860.911.481.651.752.483.154.015.116.50
Accounts Receivable --0.911.88-3.55-14.674.99-5.33-6.79-8.64-11
Inventories ----------
Accounts Payable -0.0200.210.38-0.020.260.330.420.53
Capital Expenditure ----------
UFCF -----51.2653.8468.5287.21111
WACC
PV UFCF 48.8348.8559.2271.8087.05
SUM PV UFCF 315.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.98
Free cash flow (t + 1) 113.22
Terminal Value 3,799.27
Present Value of Terminal Value 2,979.67

Intrinsic Value

Enterprise Value 3,295.42
Net Debt -12.86
Equity Value 3,308.29
Shares Outstanding 58.51
Equity Value Per Share 56.54