Discounted Cash Flow (DCF) Analysis Unlevered

Albioma (ABIO.PA)

47.14 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -65.64 | 47.14 | 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 403.22428.31505.68506.73573.28627.21686.21750.76821.39898.65
Revenue (%)
EBITDA 130.57158.09174.25197.76202.21223.35244.36267.35292.50320.01
EBITDA (%)
EBIT 74.0997.9398.90113.49115.48129.63141.82155.16169.76185.73
EBIT (%)
Depreciation 56.4860.1675.3584.2786.7393.72102.54112.18122.74134.28
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 92.0595.30161.38125.79107.86151.32165.56181.13198.17216.81
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 54.5562.2455.0260.3375.8080.3687.9296.20105.24115.14
Inventories (%)
Accounts Payable 62.7066.3876.8271.1191.3395.59104.58114.42125.18136.96
Accounts Payable (%)
Capital Expenditure -159.32-142.93-149.05-128.52-162.93-195.87-214.29-234.45-256.51-280.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 47.14
Beta 0.495
Diluted Shares Outstanding 32.16
Cost of Debt
Tax Rate 38.21
After-tax Cost of Debt 1.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.216
Total Debt 1,012.96
Total Equity 1,516.09
Total Capital 2,529.05
Debt Weighting 40.05
Equity Weighting 59.95
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 403.22428.31505.68506.73573.28627.21686.21750.76821.39898.65
EBITDA 130.57158.09174.25197.76202.21223.35244.36267.35292.50320.01
EBIT 74.0997.9398.90113.49115.48129.63141.82155.16169.76185.73
Tax Rate 33.33%47.12%43.35%38.83%38.21%40.17%40.17%40.17%40.17%40.17%
EBIAT 49.3951.7856.0369.4271.3677.5684.8692.84101.57111.13
Depreciation 56.4860.1675.3584.2786.7393.72102.54112.18122.74134.28
Accounts Receivable ----------
Inventories --7.697.22-5.31-15.47-4.57-7.56-8.27-9.05-9.90
Accounts Payable -3.6810.44-5.7120.224.268.999.8410.7611.78
Capital Expenditure -159.32-142.94-149.05-128.52-162.93-195.87-214.29-234.45-256.51-280.64
UFCF -53.45-35-0.0114.15-0.08-24.89-25.47-27.86-30.48-33.35
WACC
PV UFCF -23.82-23.31-24.40-25.54-26.74
SUM PV UFCF -123.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.52
Free cash flow (t + 1) -34.02
Terminal Value -1,349.98
Present Value of Terminal Value -1,082.26

Intrinsic Value

Enterprise Value -1,206.07
Net Debt 905.10
Equity Value -2,111.18
Shares Outstanding 32.16
Equity Value Per Share -65.64