Discounted Cash Flow (DCF) Analysis Unlevered
Sidetrade SA (ALBFR.PA)
140 €
-2.50 (-1.75%)
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 | 21.63 | 24.07 | 25.70 | 29.18 | 32.58 | 36.10 | 40 | 44.33 | 49.12 | 54.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.51 | 2.80 | 2.42 | 4.29 | 5.62 | 4.67 | 5.17 | 5.73 | 6.35 | 7.04 |
| EBITDA (%) | ||||||||||
| EBIT | 2.06 | 2.15 | 2.18 | 3.47 | 5.13 | 3.94 | 4.37 | 4.84 | 5.36 | 5.94 |
| EBIT (%) | ||||||||||
| Depreciation | 0.46 | 0.64 | 0.24 | 0.83 | 0.49 | 0.72 | 0.80 | 0.89 | 0.99 | 1.09 |
| 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 | 6.01 | 5.46 | 5.31 | 14.29 | 18 | 12.66 | 14.03 | 15.55 | 17.23 | 19.09 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.04 | 1.51 | 1.22 | 1.24 | 1.39 | 2.09 | 2.32 | 2.57 | 2.84 | 3.15 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.56 | -0.98 | -0.83 | -1.17 | -1.44 | -1.32 | -1.46 | -1.62 | -1.80 | -1.99 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 140 |
|---|---|
| Beta | 0.713 |
| Diluted Shares Outstanding | 1.45 |
| Cost of Debt | |
| Tax Rate | 6.28 |
| After-tax Cost of Debt | 0.66% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.147 |
| Total Debt | 13.11 |
| Total Equity | 203.68 |
| Total Capital | 216.79 |
| Debt Weighting | 6.05 |
| Equity Weighting | 93.95 |
| 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 | 21.63 | 24.07 | 25.70 | 29.18 | 32.58 | 36.10 | 40 | 44.33 | 49.12 | 54.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.51 | 2.80 | 2.42 | 4.29 | 5.62 | 4.67 | 5.17 | 5.73 | 6.35 | 7.04 |
| EBIT | 2.06 | 2.15 | 2.18 | 3.47 | 5.13 | 3.94 | 4.37 | 4.84 | 5.36 | 5.94 |
| Tax Rate | 2.55% | -1.73% | -1.32% | 1.29% | 6.28% | 1.41% | 1.41% | 1.41% | 1.41% | 1.41% |
| EBIAT | 2.01 | 2.19 | 2.21 | 3.42 | 4.81 | 3.89 | 4.31 | 4.77 | 5.29 | 5.86 |
| Depreciation | 0.46 | 0.64 | 0.24 | 0.83 | 0.49 | 0.72 | 0.80 | 0.89 | 0.99 | 1.09 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.53 | -0.29 | 0.02 | 0.15 | 0.70 | 0.23 | 0.25 | 0.28 | 0.31 |
| Capital Expenditure | -0.56 | -0.98 | -0.83 | -1.17 | -1.44 | -1.32 | -1.46 | -1.62 | -1.80 | -1.99 |
| UFCF | 1.91 | 1.32 | 1.33 | 3.10 | 4.01 | 3.99 | 3.87 | 4.29 | 4.76 | 5.27 |
| WACC | ||||||||||
| PV UFCF | 3.74 | 3.40 | 3.53 | 3.66 | 3.80 | |||||
| SUM PV UFCF | 18.13 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.75 |
| Free cash flow (t + 1) | 5.38 |
| Terminal Value | 113.17 |
| Present Value of Terminal Value | 81.64 |
Intrinsic Value
| Enterprise Value | 99.77 |
|---|---|
| Net Debt | -4.90 |
| Equity Value | 104.66 |
| Shares Outstanding | 1.45 |
| Equity Value Per Share | 71.94 |