Discounted Cash Flow (DCF) Analysis Unlevered

Arcure S.A. (ALCUR.PA)

3.2 €

+0.04 (+1.27%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.80 | 3.2 | 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 5.097.988.308.5910.4312.6715.3818.6722.6727.52
Revenue (%)
EBITDA 0.360.19-1.08-1.010.07-0.37-0.45-0.55-0.66-0.81
EBITDA (%)
EBIT -0.39-0.57-1.90-3.75-2.14-2.58-3.13-3.80-4.61-5.60
EBIT (%)
Depreciation 0.750.760.812.732.222.212.683.253.954.80
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 1.110.646.845.471.814.905.947.228.7610.64
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.621.061.131.321.551.762.142.593.153.82
Inventories (%)
Accounts Payable 1.452.282.372.452.983.624.395.336.477.85
Accounts Payable (%)
Capital Expenditure -0.85-0.94-2.72-1.89-2.13-2.63-3.19-3.87-4.70-5.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.2
Beta 0.544
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 0.17
After-tax Cost of Debt 1.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.100
Total Debt 5.34
Total Equity 343.96
Total Capital 349.29
Debt Weighting 1.53
Equity Weighting 98.47
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 5.097.988.308.5910.4312.6715.3818.6722.6727.52
EBITDA 0.360.19-1.08-1.010.07-0.37-0.45-0.55-0.66-0.81
EBIT -0.39-0.57-1.90-3.75-2.14-2.58-3.13-3.80-4.61-5.60
Tax Rate 84.20%85.33%22.94%-13.51%0.17%35.83%35.83%35.83%35.83%35.83%
EBIAT -0.06-0.08-1.46-4.25-2.14-1.65-2.01-2.44-2.96-3.59
Depreciation 0.750.760.812.732.222.212.683.253.954.80
Accounts Receivable ----------
Inventories --0.44-0.06-0.19-0.23-0.21-0.38-0.46-0.56-0.67
Accounts Payable -0.820.090.080.530.640.770.941.141.38
Capital Expenditure -0.85-0.94-2.72-1.89-2.13-2.63-3.19-3.87-4.70-5.70
UFCF -0.160.12-3.34-3.52-1.75-1.64-2.12-2.57-3.12-3.79
WACC
PV UFCF -1.55-1.89-2.16-2.47-2.83
SUM PV UFCF -10.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) -3.87
Terminal Value -96
Present Value of Terminal Value -71.63

Intrinsic Value

Enterprise Value -82.53
Net Debt 3.53
Equity Value -86.06
Shares Outstanding 107.49
Equity Value Per Share -0.80