Discounted Cash Flow (DCF) Analysis Unlevered
Antevenio, S.A. (ALANT.PA)
3.82 €
0.00 (0.00%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 25.38 | 28.60 | 29.53 | 25.22 | 54.43 | 70.36 | 90.97 | 117.61 | 152.05 | 196.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.45 | 3.37 | 3.37 | -0.62 | -2.38 | 3.66 | 4.73 | 6.11 | 7.90 | 10.21 |
| EBITDA (%) | ||||||||||
| EBIT | 2.10 | 3 | 3.01 | -1.35 | -3.29 | 2.47 | 3.20 | 4.14 | 5.35 | 6.91 |
| EBIT (%) | ||||||||||
| Depreciation | 0.35 | 0.37 | 0.35 | 0.73 | 0.91 | 1.18 | 1.53 | 1.98 | 2.55 | 3.30 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 6.91 | 5.22 | 5.61 | 3.03 | 9.13 | 13.12 | 16.97 | 21.94 | 28.36 | 36.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | 5.75 | 4.98 | 5.51 | 29.07 | 19.74 | 25.51 | 32.99 | 42.65 | 55.13 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.25 | -0.18 | -0.17 | -0.62 | -0.64 | -0.82 | -1.07 | -1.38 | -1.78 | -2.30 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.82 |
|---|---|
| Beta | 0.955 |
| Diluted Shares Outstanding | 4.19 |
| Cost of Debt | |
| Tax Rate | -6.58 |
| After-tax Cost of Debt | 2.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.221 |
| Total Debt | 10.17 |
| Total Equity | 16.02 |
| Total Capital | 26.19 |
| Debt Weighting | 38.85 |
| Equity Weighting | 61.15 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 25.38 | 28.60 | 29.53 | 25.22 | 54.43 | 70.36 | 90.97 | 117.61 | 152.05 | 196.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.45 | 3.37 | 3.37 | -0.62 | -2.38 | 3.66 | 4.73 | 6.11 | 7.90 | 10.21 |
| EBIT | 2.10 | 3 | 3.01 | -1.35 | -3.29 | 2.47 | 3.20 | 4.14 | 5.35 | 6.91 |
| Tax Rate | 0.14% | 19.81% | 17.51% | -7.00% | -6.58% | 4.78% | 4.78% | 4.78% | 4.78% | 4.78% |
| EBIAT | 2.10 | 2.41 | 2.49 | -1.44 | -3.51 | 2.36 | 3.05 | 3.94 | 5.09 | 6.58 |
| Depreciation | 0.35 | 0.37 | 0.35 | 0.73 | 0.91 | 1.18 | 1.53 | 1.98 | 2.55 | 3.30 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | -0.77 | 0.53 | 23.56 | -9.33 | 5.78 | 7.47 | 9.66 | 12.49 |
| Capital Expenditure | -0.25 | -0.18 | -0.17 | -0.62 | -0.64 | -0.82 | -1.07 | -1.38 | -1.78 | -2.30 |
| UFCF | 2.19 | 2.59 | 1.90 | -0.81 | 20.33 | -6.62 | 9.29 | 12.01 | 15.52 | 20.07 |
| WACC | ||||||||||
| PV UFCF | -6.24 | 8.25 | 10.05 | 12.24 | 14.92 | |||||
| SUM PV UFCF | 39.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.11 |
| Free cash flow (t + 1) | 20.47 |
| Terminal Value | 498.05 |
| Present Value of Terminal Value | 370.25 |
Intrinsic Value
| Enterprise Value | 409.47 |
|---|---|
| Net Debt | 1.05 |
| Equity Value | 408.42 |
| Shares Outstanding | 4.19 |
| Equity Value Per Share | 97.42 |