Discounted Cash Flow (DCF) Analysis Unlevered

Devernois S.A. (ALDEV.PA)

13 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 703.21 | 13 | undervalue

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 33.5225.7221.3714.9817.7715.4813.4911.7610.248.93
Revenue (%)
EBITDA -0.93-6.29-1.09-3.52-3.03-2.25-1.96-1.71-1.49-1.30
EBITDA (%)
EBIT -2.39-7.56-5.61-5.59-2.27-3.49-3.04-2.65-2.31-2.01
EBIT (%)
Depreciation 1.461.274.522.07-0.761.241.080.940.820.71
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 2.051.631.492.194.281.801.571.371.191.04
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 5.843.825.235.514.353.653.182.782.422.11
Inventories (%)
Accounts Payable 4.142.812.272.493.702.211.921.681.461.27
Accounts Payable (%)
Capital Expenditure -1.21-0.93-0.77-0.54-0.64-0.56-0.49-0.42-0.37-0.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13
Beta -0.682
Diluted Shares Outstanding 0.30
Cost of Debt
Tax Rate -9.44
After-tax Cost of Debt 1.43%
Risk-Free Rate
Market Risk Premium
Cost of Equity 0.479
Total Debt 13.91
Total Equity 3.89
Total Capital 17.80
Debt Weighting 78.16
Equity Weighting 21.84
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 33.5225.7221.3714.9817.7715.4813.4911.7610.248.93
EBITDA -0.93-6.29-1.09-3.52-3.03-2.25-1.96-1.71-1.49-1.30
EBIT -2.39-7.56-5.61-5.59-2.27-3.49-3.04-2.65-2.31-2.01
Tax Rate 6.55%-16.38%-55.73%-23.32%-9.44%-19.66%-19.66%-19.66%-19.66%-19.66%
EBIAT -2.23-8.80-8.74-6.89-2.48-4.18-3.64-3.17-2.77-2.41
Depreciation 1.461.274.522.07-0.761.241.080.940.820.71
Accounts Receivable ----------
Inventories -2.01-1.41-0.291.160.700.470.410.360.31
Accounts Payable --1.33-0.540.221.21-1.49-0.28-0.25-0.22-0.19
Capital Expenditure -1.21-0.93-0.59-0.87-0.59-0.56-0.49-0.42-0.37-0.32
UFCF -1.98-7.77-6.94-5.43-1.51-4.29-2.86-2.50-2.17-1.90
WACC
PV UFCF -4.24-2.80-2.41-2.07-1.78
SUM PV UFCF -13.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.22
Free cash flow (t + 1) -1.93
Terminal Value 247.81
Present Value of Terminal Value 233.23

Intrinsic Value

Enterprise Value 219.93
Net Debt 9.63
Equity Value 210.30
Shares Outstanding 0.30
Equity Value Per Share 703.21