Discounted Cash Flow (DCF) Analysis Unlevered

Cybergun S.A. (ALCYB.PA)

0.028 €

-0.00 (-8.79%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.81 | 0.028 | 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 28.2521.7240.2733.0443.3351.5161.2372.7886.52102.84
Revenue (%)
EBITDA -7.215.21-16.20-4.872.16-5.31-6.31-7.50-8.92-10.60
EBITDA (%)
EBIT -4.637.19-12.53-1.866.11-0.61-0.73-0.87-1.03-1.22
EBIT (%)
Depreciation -2.57-1.98-3.67-3.01-3.95-4.70-5.58-6.63-7.89-9.38
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 2.953.147.126.234.887.498.9010.5812.5814.95
Total Cash (%)
Account Receivables 8.3910.853.868.1411.4514.4517.1820.4224.2828.86
Account Receivables (%)
Inventories 8.518.968.3720.1626.1221.9926.1431.0736.9443.91
Inventories (%)
Accounts Payable 8.479.735.6411.018.4314.5817.3320.6124.5029.12
Accounts Payable (%)
Capital Expenditure -0.20-0.15-0.28-0.23-0.30-0.36-0.42-0.50-0.60-0.71
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.028
Beta 0.403
Diluted Shares Outstanding 46.17
Cost of Debt
Tax Rate 65.28
After-tax Cost of Debt 1.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.229
Total Debt 6.73
Total Equity 1.29
Total Capital 8.02
Debt Weighting 83.89
Equity Weighting 16.11
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 28.2521.7240.2733.0443.3351.5161.2372.7886.52102.84
EBITDA -7.215.21-16.20-4.872.16-5.31-6.31-7.50-8.92-10.60
EBIT -4.637.19-12.53-1.866.11-0.61-0.73-0.87-1.03-1.22
Tax Rate -0.43%-0.11%-2.06%3.80%65.28%13.30%13.30%13.30%13.30%13.30%
EBIAT -4.657.20-12.79-1.792.12-0.53-0.63-0.75-0.89-1.06
Depreciation -2.57-1.98-3.67-3.01-3.95-4.70-5.58-6.63-7.89-9.38
Accounts Receivable --2.466.99-4.28-3.30-3.01-2.73-3.24-3.85-4.58
Inventories --0.450.59-11.79-5.974.13-4.15-4.93-5.86-6.97
Accounts Payable -1.26-4.105.37-2.586.162.753.273.894.62
Capital Expenditure -0.20-0.15-3.70-2.77-3.86-0.36-0.42-0.50-0.60-0.71
UFCF -7.423.40-13.25-15.73-13.981.70-10.76-12.79-15.21-18.08
WACC
PV UFCF 1.66-10.25-11.89-13.79-16
SUM PV UFCF -50.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.47
Free cash flow (t + 1) -18.17
Terminal Value -922.11
Present Value of Terminal Value -816.20

Intrinsic Value

Enterprise Value -866.47
Net Debt 1.85
Equity Value -868.32
Shares Outstanding 46.17
Equity Value Per Share -18.81