Discounted Cash Flow (DCF) Analysis Unlevered

AudioValley SA (ALAVY.PA)

1.075 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.63 | 1.075 | overvalue

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 20.0224.6121.9619.5828.3031.5535.1739.2043.7048.71
Revenue (%)
EBITDA -2.780.0812.320.14-0.342.662.963.303.684.10
EBITDA (%)
EBIT -4.95-4.297.02-3.83-4.70-2.93-3.26-3.64-4.05-4.52
EBIT (%)
Depreciation 2.174.375.303.984.365.586.226.947.738.62
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 1.351.021.870.852.812.122.372.642.943.28
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.090.240.160.140.210.230.260.280.320.35
Inventories (%)
Accounts Payable 7.199.919.179.3213.4113.4414.9816.7018.6120.75
Accounts Payable (%)
Capital Expenditure -0.71-0.97-1.43-0.50-0.85-1.23-1.37-1.53-1.71-1.90
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.075
Beta 0.447
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 14.83
After-tax Cost of Debt 13.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.914
Total Debt 17.60
Total Equity 115.55
Total Capital 133.14
Debt Weighting 13.22
Equity Weighting 86.78
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 20.0224.6121.9619.5828.3031.5535.1739.2043.7048.71
EBITDA -2.780.0812.320.14-0.342.662.963.303.684.10
EBIT -4.95-4.297.02-3.83-4.70-2.93-3.26-3.64-4.05-4.52
Tax Rate 5.02%4.22%-5.53%10.04%14.83%5.71%5.71%5.71%5.71%5.71%
EBIAT -4.70-4.117.41-3.45-4-2.76-3.08-3.43-3.82-4.26
Depreciation 2.174.375.303.984.365.586.226.947.738.62
Accounts Receivable ----------
Inventories --0.150.090.02-0.06-0.02-0.03-0.03-0.03-0.04
Accounts Payable -2.72-0.740.144.100.021.541.721.922.13
Capital Expenditure -0.71-0.97-1.43-0.50-0.85-1.23-1.37-1.53-1.71-1.90
UFCF -3.241.8510.630.193.551.593.293.664.084.55
WACC
PV UFCF 1.492.8833.133.27
SUM PV UFCF 13.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.86
Free cash flow (t + 1) 4.64
Terminal Value 95.55
Present Value of Terminal Value 68.58

Intrinsic Value

Enterprise Value 82.35
Net Debt 14.79
Equity Value 67.56
Shares Outstanding 107.49
Equity Value Per Share 0.63