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
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 | 249.96 | 257.09 | 266.58 | 247.91 | 280.25 | 289.06 | 298.16 | 307.53 | 317.21 | 327.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.24 | 17.06 | 17.05 | 10.99 | 22.45 | 17.79 | 18.35 | 18.93 | 19.52 | 20.14 |
| EBITDA (%) | ||||||||||
| EBIT | 4.70 | 6.44 | 5.01 | -1.63 | 8.17 | 4.93 | 5.08 | 5.24 | 5.41 | 5.58 |
| EBIT (%) | ||||||||||
| Depreciation | 8.54 | 10.62 | 12.04 | 12.62 | 14.28 | 12.86 | 13.27 | 13.69 | 14.12 | 14.56 |
| 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 | 4.12 | 8.08 | 14.10 | 25.39 | 24.69 | 16.84 | 17.37 | 17.92 | 18.48 | 19.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 111.50 | 118.64 | 128.16 | 125.01 | 122.25 | 134.64 | 138.87 | 143.24 | 147.74 | 152.39 |
| Inventories (%) | ||||||||||
| Accounts Payable | 50.22 | 49.75 | 57.92 | 56.03 | 62.02 | 61.22 | 63.15 | 65.14 | 67.19 | 69.30 |
| 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 | 249.96 | 257.09 | 266.58 | 247.91 | 280.25 | 289.06 | 298.16 | 307.53 | 317.21 | 327.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.24 | 17.06 | 17.05 | 10.99 | 22.45 | 17.79 | 18.35 | 18.93 | 19.52 | 20.14 |
| EBIT | 4.70 | 6.44 | 5.01 | -1.63 | 8.17 | 4.93 | 5.08 | 5.24 | 5.41 | 5.58 |
| Tax Rate | -28.46% | 0.47% | 1.28% | -43.62% | 21.45% | -9.78% | -9.78% | -9.78% | -9.78% | -9.78% |
| EBIAT | 6.04 | 6.41 | 4.94 | -2.35 | 6.42 | 5.41 | 5.58 | 5.75 | 5.93 | 6.12 |
| Depreciation | 8.54 | 10.62 | 12.04 | 12.62 | 14.28 | 12.86 | 13.27 | 13.69 | 14.12 | 14.56 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -7.14 | -9.52 | 3.15 | 2.76 | -12.39 | -4.24 | -4.37 | -4.51 | -4.65 |
| Accounts Payable | - | -0.47 | 8.17 | -1.89 | 5.99 | -0.80 | 1.93 | 1.99 | 2.05 | 2.11 |
| 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 | -2.75 | 5.25 | 3.03 | 19.74 | -7.36 | 3.70 | 3.82 | 3.94 | 4.06 |
| WACC | ||||||||||
| PV UFCF | -7.17 | 3.52 | 3.54 | 3.56 | 3.58 | |||||
| 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 |