Discounted Cash Flow (DCF) Analysis Unlevered

Sidetrade SA (ALBFR.PA)

148 €

-7.50 (-4.82%)

All numbers are in Millions, Currency in USD

Stock DCF: 86.31 | 148 | 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	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