Discounted Cash Flow (DCF) Analysis Unlevered

Advicenne S.A. (ADVIC.PA)

6.5 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1,013.16 | 6.5 | overvalue

Operating Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 0.110.270.811.1924.319.2920.0343.1893.09
Revenue (%)
EBITDA -3.34-3.07-5.26-5.30-14-51.82-111.71-240.83-519.17-1,119.22
EBITDA (%)
EBIT -3.44-3.17-5.45-5.44-14.81-53.58-115.50-248.99-536.76-1,157.15
EBIT (%)
Depreciation 0.100.100.190.130.811.763.798.1617.5937.92
Depreciation (%)

Balance Sheet Data

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 1.641.5836.1826.2316.6382.87178.66385.15830.301,789.94
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.180.290.250.410.503.096.6714.3730.9966.80
Inventories (%)
Accounts Payable 0.700.911.401.673.9112.8727.7459.81128.94277.96
Accounts Payable (%)
Capital Expenditure -0.16-0.02-0.03-0.14-0.88-1.89-4.08-8.80-18.97-40.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.5
Beta 1.432
Diluted Shares Outstanding 8.16
Cost of Debt
Tax Rate 5.87
After-tax Cost of Debt 1.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.473
Total Debt 0.45
Total Equity 53.06
Total Capital 53.51
Debt Weighting 0.84
Equity Weighting 99.16
Wacc

Build Up Free Cash

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 0.110.270.811.1924.319.2920.0343.1893.09
EBITDA -3.34-3.07-5.26-5.30-14-51.82-111.71-240.83-519.17-1,119.22
EBIT -3.44-3.17-5.45-5.44-14.81-53.58-115.50-248.99-536.76-1,157.15
Tax Rate 0.00%0.00%15.59%15.07%5.87%7.31%7.31%7.31%7.31%7.31%
EBIAT -3.44-3.17-4.60-4.62-13.94-49.66-107.06-230.80-497.55-1,072.61
Depreciation 0.100.100.190.130.811.763.798.1617.5937.92
Accounts Receivable ----------
Inventories --0.120.04-0.16-0.09-2.60-3.57-7.71-16.61-35.81
Accounts Payable -0.210.490.272.248.9614.8732.0769.13149.02
Capital Expenditure -0.16-0.02-0.04-0.14-0.88-1.89-4.08-8.80-18.97-40.89
UFCF -3.51-3-3.92-4.52-11.86-43.43-96.05-207.07-446.41-962.36
WACC
PV UFCF -39.34-78.81-153.89-300.51-586.80
SUM PV UFCF -1,159.35

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.40
Free cash flow (t + 1) -981.60
Terminal Value -11,685.75
Present Value of Terminal Value -7,125.43

Intrinsic Value

Enterprise Value -8,284.78
Net Debt -13.96
Equity Value -8,270.83
Shares Outstanding 8.16
Equity Value Per Share -1,013.16