Discounted Cash Flow (DCF) Analysis Unlevered

AdVini S.A. (ADVI.PA)

18.7 €

-0.20 (-1.06%)
All numbers are in Millions, Currency in USD
Stock DCF: 138.68 | 18.7 | 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 249.96257.09266.58247.91280.25289.06298.16307.53317.21327.19
Revenue (%)
EBITDA 13.2417.0617.0510.9922.4517.7918.3518.9319.5220.14
EBITDA (%)
EBIT 4.706.445.01-1.638.174.935.085.245.415.58
EBIT (%)
Depreciation 8.5410.6212.0412.6214.2812.8613.2713.6914.1214.56
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 4.128.0814.1025.3924.6916.8417.3717.9218.4819.06
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 111.50118.64128.16125.01122.25134.64138.87143.24147.74152.39
Inventories (%)
Accounts Payable 50.2249.7557.9256.0362.0261.2263.1565.1467.1969.30
Accounts Payable (%)
Capital Expenditure -14.99-12.18-10.39-8.51-9.71-12.45-12.84-13.24-13.66-14.09
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 18.7
Beta 0.382
Diluted Shares Outstanding 3.85
Cost of Debt
Tax Rate 21.45
After-tax Cost of Debt 1.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.291
Total Debt 187.89
Total Equity 71.91
Total Capital 259.80
Debt Weighting 72.32
Equity Weighting 27.68
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 249.96257.09266.58247.91280.25289.06298.16307.53317.21327.19
EBITDA 13.2417.0617.0510.9922.4517.7918.3518.9319.5220.14
EBIT 4.706.445.01-1.638.174.935.085.245.415.58
Tax Rate -28.46%0.47%1.28%-43.62%21.45%-9.78%-9.78%-9.78%-9.78%-9.78%
EBIAT 6.046.414.94-2.356.425.415.585.755.936.12
Depreciation 8.5410.6212.0412.6214.2812.8613.2713.6914.1214.56
Accounts Receivable ----------
Inventories --7.14-9.523.152.76-12.39-4.24-4.37-4.51-4.65
Accounts Payable --0.478.17-1.895.99-0.801.931.992.052.11
Capital Expenditure -14.99-12.18-10.39-8.51-9.71-12.45-12.84-13.24-13.66-14.09
UFCF -0.41-2.755.253.0319.74-7.363.703.823.944.06
WACC
PV UFCF -7.173.523.543.563.58
SUM PV UFCF 7.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.53
Free cash flow (t + 1) 4.14
Terminal Value 781.23
Present Value of Terminal Value 689.49

Intrinsic Value

Enterprise Value 696.51
Net Debt 163.20
Equity Value 533.32
Shares Outstanding 3.85
Equity Value Per Share 138.68