Discounted Cash Flow (DCF) Analysis Unlevered

Sidetrade SA (ALBFR.PA)

140 €

-2.50 (-1.75%)
All numbers are in Millions, Currency in USD
Stock DCF: 71.94 | 140 | 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 21.6324.0725.7029.1832.5836.104044.3349.1254.43
Revenue (%)
EBITDA 2.512.802.424.295.624.675.175.736.357.04
EBITDA (%)
EBIT 2.062.152.183.475.133.944.374.845.365.94
EBIT (%)
Depreciation 0.460.640.240.830.490.720.800.890.991.09
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 6.015.465.3114.291812.6614.0315.5517.2319.09
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.041.511.221.241.392.092.322.572.843.15
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 21.6324.0725.7029.1832.5836.104044.3349.1254.43
EBITDA 2.512.802.424.295.624.675.175.736.357.04
EBIT 2.062.152.183.475.133.944.374.845.365.94
Tax Rate 2.55%-1.73%-1.32%1.29%6.28%1.41%1.41%1.41%1.41%1.41%
EBIAT 2.012.192.213.424.813.894.314.775.295.86
Depreciation 0.460.640.240.830.490.720.800.890.991.09
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.53-0.290.020.150.700.230.250.280.31
Capital Expenditure -0.56-0.98-0.83-1.17-1.44-1.32-1.46-1.62-1.80-1.99
UFCF 1.911.321.333.104.013.993.874.294.765.27
WACC
PV UFCF 3.743.403.533.663.80
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