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 24.0725.7029.1832.5836.7640.8845.4650.5656.2262.52
Revenue (%)
EBITDA 2.962.834.236.595.836.046.727.478.319.24
EBITDA (%)
EBIT 2.322.593.416.105.025.225.806.457.177.98
EBIT (%)
Depreciation 0.640.240.830.490.810.830.921.021.141.27
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 5.465.3114.291820.3316.5918.4520.5122.8125.37
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.511.221.241.391.131.842.052.282.542.82
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 24.0725.7029.1832.5836.7640.8845.4650.5656.2262.52
EBITDA 2.962.834.236.595.836.046.727.478.319.24
EBIT 2.322.593.416.105.025.225.806.457.177.98
Tax Rate -1.73%-1.32%1.29%6.28%10.71%3.04%3.04%3.04%3.04%3.04%
EBIAT 2.362.623.365.724.485.065.626.256.957.73
Depreciation 0.640.240.830.490.810.830.921.021.141.27
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.290.020.15-0.260.720.210.230.260.28
Capital Expenditure -0.98-0.83-1.17-1.44-0.80-1.46-1.63-1.81-2.01-2.24
UFCF 2.031.743.044.924.235.145.125.706.347.05
WACC
PV UFCF 4.794.454.614.784.95
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