Discounted Cash Flow (DCF) Analysis Unlevered
BD Multimedia SA (ALBDM.PA)
2.43 €
+0.13 (+5.65%)
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 | 5.63 | 5.29 | 7.14 | 1.70 | 1.43 | 1.20 | 1.01 | 0.85 | 0.72 | 0.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.91 | 0.96 | 1.63 | 0.18 | -0.37 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 |
| EBITDA (%) | ||||||||||
| EBIT | -1.14 | 0.47 | 1.10 | -0.38 | -0.47 | -0.12 | -0.10 | -0.09 | -0.07 | -0.06 |
| EBIT (%) | ||||||||||
| Depreciation | 0.22 | 0.48 | 0.52 | 0.56 | 0.10 | 0.15 | 0.12 | 0.10 | 0.09 | 0.07 |
| 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 | 1.56 | 6.90 | 3.69 | 3.42 | 2.64 | 1.43 | 1.21 | 1.01 | 0.85 | 0.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 0.32 | 0.29 | 0.35 | 0.30 | 0.27 | 0.13 | 0.11 | 0.09 | 0.07 | 0.06 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.27 | 0.84 | 0.56 | 0.42 | 0.44 | 0.24 | 0.21 | 0.17 | 0.15 | 0.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.57 | -0.22 | -0.11 | -0.14 | -0.19 | -0.09 | -0.08 | -0.06 | -0.05 | -0.05 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.43 |
|---|---|
| Beta | -0.021 |
| Diluted Shares Outstanding | 2.19 |
| Cost of Debt | |
| Tax Rate | 2.50 |
| After-tax Cost of Debt | 4.38% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.603 |
| Total Debt | 0.73 |
| Total Equity | 5.32 |
| Total Capital | 6.06 |
| Debt Weighting | 12.13 |
| Equity Weighting | 87.87 |
| 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 | 5.63 | 5.29 | 7.14 | 1.70 | 1.43 | 1.20 | 1.01 | 0.85 | 0.72 | 0.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.91 | 0.96 | 1.63 | 0.18 | -0.37 | 0.02 | 0.02 | 0.02 | 0.01 | 0.01 |
| EBIT | -1.14 | 0.47 | 1.10 | -0.38 | -0.47 | -0.12 | -0.10 | -0.09 | -0.07 | -0.06 |
| Tax Rate | -0.08% | -41.58% | 11.37% | 7.38% | 2.50% | -4.08% | -4.08% | -4.08% | -4.08% | -4.08% |
| EBIAT | -1.14 | 0.67 | 0.98 | -0.35 | -0.46 | -0.13 | -0.11 | -0.09 | -0.08 | -0.06 |
| Depreciation | 0.22 | 0.48 | 0.52 | 0.56 | 0.10 | 0.15 | 0.12 | 0.10 | 0.09 | 0.07 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.03 | -0.06 | 0.05 | 0.03 | 0.14 | 0.02 | 0.02 | 0.01 | 0.01 |
| Accounts Payable | - | -0.43 | -0.27 | -0.14 | 0.01 | -0.19 | -0.04 | -0.03 | -0.03 | -0.02 |
| Capital Expenditure | -0.57 | -0.22 | -0.11 | -0.14 | -0.19 | -0.09 | -0.08 | -0.06 | -0.05 | -0.05 |
| UFCF | -1.49 | 0.53 | 1.06 | -0.01 | -0.51 | -0.13 | -0.08 | -0.07 | -0.06 | -0.05 |
| WACC | ||||||||||
| PV UFCF | -0.12 | -0.07 | -0.06 | -0.05 | -0.04 | |||||
| SUM PV UFCF | -0.35 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.70 |
| Free cash flow (t + 1) | -0.05 |
| Terminal Value | -2.88 |
| Present Value of Terminal Value | -2.40 |
Intrinsic Value
| Enterprise Value | -2.75 |
|---|---|
| Net Debt | -1.91 |
| Equity Value | -0.84 |
| Shares Outstanding | 2.19 |
| Equity Value Per Share | -0.38 |