Discounted Cash Flow (DCF) Analysis Unlevered

Devernois S.A. (ALDEV.PA)

10.2 €

-0.80 (-7.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 23.20 | 10.2 | undervalue

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 25.7321.3714.9817.7720.1219.3618.6317.9317.2616.61
Revenue (%)
EBITDA -5.152.33-0.332.952.680.720.700.670.640.62
EBITDA (%)
EBIT -6.42-2.19-2.403.71-1.52-1.47-1.41-1.36-1.31-1.26
EBIT (%)
Depreciation 1.274.522.07-0.764.202.192.112.031.951.88
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 1.631.492.194.282.632.522.422.332.252.16
Total Cash (%)
Account Receivables 6.101.542.452.322.102.742.642.542.442.35
Account Receivables (%)
Inventories 3.825.235.514.354.974.854.674.494.334.16
Inventories (%)
Accounts Payable 2.812.272.493.701.592.592.492.402.312.22
Accounts Payable (%)
Capital Expenditure --0.59-0.87-0.59-0.81-0.77-0.74-0.71-0.68-0.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.2
Beta -0.627
Diluted Shares Outstanding 0.30
Cost of Debt
Tax Rate 5.67
After-tax Cost of Debt 4.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 1.363
Total Debt 6.21
Total Equity 3.05
Total Capital 9.26
Debt Weighting 67.05
Equity Weighting 32.95
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 25.7321.3714.9817.7720.1219.3618.6317.9317.2616.61
EBITDA -5.152.33-0.332.952.680.720.700.670.640.62
EBIT -6.42-2.19-2.403.71-1.52-1.47-1.41-1.36-1.31-1.26
Tax Rate -16.38%10.76%-11.18%10.95%5.67%-0.04%-0.04%-0.04%-0.04%-0.04%
EBIAT -7.47-1.95-2.673.30-1.43-1.47-1.41-1.36-1.31-1.26
Depreciation 1.274.522.07-0.764.202.192.112.031.951.88
Accounts Receivable -4.56-0.910.130.22-0.640.100.100.100.09
Inventories --1.41-0.291.16-0.620.120.180.180.170.16
Accounts Payable --0.540.221.21-2.101-0.10-0.09-0.09-0.09
Capital Expenditure --0.59-0.87-0.59-0.81-0.77-0.74-0.71-0.68-0.66
UFCF -6.204.59-2.444.47-0.540.430.150.140.130.13
WACC
PV UFCF 0.410.140.130.120.11
SUM PV UFCF 0.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.18
Free cash flow (t + 1) 0.13
Terminal Value 11.23
Present Value of Terminal Value 9.60

Intrinsic Value

Enterprise Value 10.51
Net Debt 3.57
Equity Value 6.94
Shares Outstanding 0.30
Equity Value Per Share 23.20