Discounted Cash Flow (DCF) Analysis Unlevered
Sidetrade SA (ALBFR.PA)
148 €
-7.50 (-4.82%)
All numbers are in Millions, Currency in USD
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 | 24.07 | 25.70 | 29.18 | 32.58 | 36.76 | 40.88 | 45.46 | 50.56 | 56.22 | 62.52 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 2.96 | 2.83 | 4.23 | 6.59 | 5.83 | 6.04 | 6.72 | 7.47 | 8.31 | 9.24 |
EBITDA (%) | ||||||||||
EBIT | 2.32 | 2.59 | 3.41 | 6.10 | 5.02 | 5.22 | 5.80 | 6.45 | 7.17 | 7.98 |
EBIT (%) | ||||||||||
Depreciation | 0.64 | 0.24 | 0.83 | 0.49 | 0.81 | 0.83 | 0.92 | 1.02 | 1.14 | 1.27 |
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 | 5.46 | 5.31 | 14.29 | 18 | 20.33 | 16.59 | 18.45 | 20.51 | 22.81 | 25.37 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 1.51 | 1.22 | 1.24 | 1.39 | 1.13 | 1.84 | 2.05 | 2.28 | 2.54 | 2.82 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -0.98 | -0.83 | -1.17 | -1.44 | -0.80 | -1.46 | -1.63 | -1.81 | -2.01 | -2.24 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 148 |
---|---|
Beta | 0.664 |
Diluted Shares Outstanding | 1.47 |
Cost of Debt | |
Tax Rate | 10.71 |
After-tax Cost of Debt | 0.91% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.678 |
Total Debt | 11.97 |
Total Equity | 217.48 |
Total Capital | 229.45 |
Debt Weighting | 5.22 |
Equity Weighting | 94.78 |
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 | 24.07 | 25.70 | 29.18 | 32.58 | 36.76 | 40.88 | 45.46 | 50.56 | 56.22 | 62.52 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 2.96 | 2.83 | 4.23 | 6.59 | 5.83 | 6.04 | 6.72 | 7.47 | 8.31 | 9.24 |
EBIT | 2.32 | 2.59 | 3.41 | 6.10 | 5.02 | 5.22 | 5.80 | 6.45 | 7.17 | 7.98 |
Tax Rate | -1.73% | -1.32% | 1.29% | 6.28% | 10.71% | 3.04% | 3.04% | 3.04% | 3.04% | 3.04% |
EBIAT | 2.36 | 2.62 | 3.36 | 5.72 | 4.48 | 5.06 | 5.62 | 6.25 | 6.95 | 7.73 |
Depreciation | 0.64 | 0.24 | 0.83 | 0.49 | 0.81 | 0.83 | 0.92 | 1.02 | 1.14 | 1.27 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | -0.29 | 0.02 | 0.15 | -0.26 | 0.72 | 0.21 | 0.23 | 0.26 | 0.28 |
Capital Expenditure | -0.98 | -0.83 | -1.17 | -1.44 | -0.80 | -1.46 | -1.63 | -1.81 | -2.01 | -2.24 |
UFCF | 2.03 | 1.74 | 3.04 | 4.92 | 4.23 | 5.14 | 5.12 | 5.70 | 6.34 | 7.05 |
WACC | ||||||||||
PV UFCF | 4.79 | 4.45 | 4.61 | 4.78 | 4.95 | |||||
SUM PV UFCF | 23.58 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.32 |
Free cash flow (t + 1) | 7.19 |
Terminal Value | 135.10 |
Present Value of Terminal Value | 94.90 |
Intrinsic Value
Enterprise Value | 118.47 |
---|---|
Net Debt | -8.36 |
Equity Value | 126.83 |
Shares Outstanding | 1.47 |
Equity Value Per Share | 86.31 |