Discounted Cash Flow (DCF) Analysis Unlevered

Adeunis Société anonyme (ALARF.PA)

2 €

-0.01 (-0.50%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.16 | 2 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 10.7712.328.975.536.155.544.984.494.043.64
Revenue (%)
EBITDA -2.36-3.191.88-0.41-0.44-0.46-0.41-0.37-0.33-0.30
EBITDA (%)
EBIT -2.74-3.591.58-0.60-0.65-0.65-0.58-0.52-0.47-0.42
EBIT (%)
Depreciation 0.390.390.300.190.210.190.170.150.140.12
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 4.091.861.382.432.491.691.531.371.241.11
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.932.431.251.201.301.050.940.850.760.69
Inventories (%)
Accounts Payable 2.501.701.140.630.890.840.750.680.610.55
Accounts Payable (%)
Capital Expenditure -0.66-0.93-0.61-0.38-0.42-0.38-0.34-0.31-0.28-0.25
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2
Beta 0.596
Diluted Shares Outstanding 2.28
Cost of Debt
Tax Rate 44.08
After-tax Cost of Debt 1.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.317
Total Debt 1.34
Total Equity 4.55
Total Capital 5.89
Debt Weighting 22.75
Equity Weighting 77.25
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 10.7712.328.975.536.155.544.984.494.043.64
EBITDA -2.36-3.191.88-0.41-0.44-0.46-0.41-0.37-0.33-0.30
EBIT -2.74-3.591.58-0.60-0.65-0.65-0.58-0.52-0.47-0.42
Tax Rate -0.61%2.18%-52.52%40.79%44.08%6.78%6.78%6.78%6.78%6.78%
EBIAT -2.76-3.512.41-0.35-0.36-0.60-0.54-0.49-0.44-0.40
Depreciation 0.390.390.300.190.210.190.170.150.140.12
Accounts Receivable ----------
Inventories --0.501.190.05-0.100.250.100.090.080.08
Accounts Payable --0.80-0.56-0.510.26-0.06-0.08-0.08-0.07-0.06
Capital Expenditure -0.66-0.93-0.61-0.38-0.42-0.38-0.34-0.31-0.28-0.25
UFCF -3.03-5.352.73-1.01-0.41-0.59-0.69-0.62-0.56-0.51
WACC
PV UFCF -0.56-0.63-0.54-0.46-0.39
SUM PV UFCF -2.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.18
Free cash flow (t + 1) -0.52
Terminal Value -16.22
Present Value of Terminal Value -12.60

Intrinsic Value

Enterprise Value -15.18
Net Debt -1.15
Equity Value -14.03
Shares Outstanding 2.28
Equity Value Per Share -6.16