Discounted Cash Flow (DCF) Analysis Unlevered
DLSI (ALDLS.PA)
12.5 €
+0.15 (+1.21%)
All numbers are in Millions, Currency in USD
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 | 215.35 | 230.16 | 232.16 | 164.92 | 194.94 | 193.47 | 192.01 | 190.57 | 189.13 | 187.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 10.09 | 11.09 | 12.63 | 5.20 | 8.72 | 8.73 | 8.67 | 8.60 | 8.54 | 8.47 |
| EBITDA (%) | ||||||||||
| EBIT | 10.27 | 10.71 | 9.96 | 2.10 | 5.01 | 6.79 | 6.74 | 6.69 | 6.64 | 6.59 |
| EBIT (%) | ||||||||||
| Depreciation | -0.19 | 0.38 | 2.67 | 3.10 | 3.71 | 1.94 | 1.93 | 1.91 | 1.90 | 1.88 |
| 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 | 6.58 | 9.56 | 8.77 | 19.57 | 25.44 | 13.89 | 13.79 | 13.68 | 13.58 | 13.48 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 3.89 | 4.78 | 4.64 | 4.23 | 4.91 | 4.24 | 4.21 | 4.18 | 4.15 | 4.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | -0.30 | -0.17 | -0.26 | -0.26 | -0.26 | -0.26 | -0.26 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.5 |
|---|---|
| Beta | 1.480 |
| Diluted Shares Outstanding | 79.87 |
| Cost of Debt | |
| Tax Rate | 38.16 |
| After-tax Cost of Debt | 1.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.516 |
| Total Debt | 12.51 |
| Total Equity | 998.34 |
| Total Capital | 1,010.85 |
| Debt Weighting | 1.24 |
| Equity Weighting | 98.76 |
| 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 | 215.35 | 230.16 | 232.16 | 164.92 | 194.94 | 193.47 | 192.01 | 190.57 | 189.13 | 187.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 10.09 | 11.09 | 12.63 | 5.20 | 8.72 | 8.73 | 8.67 | 8.60 | 8.54 | 8.47 |
| EBIT | 10.27 | 10.71 | 9.96 | 2.10 | 5.01 | 6.79 | 6.74 | 6.69 | 6.64 | 6.59 |
| Tax Rate | 27.42% | 30.08% | 50.05% | 130.32% | 38.16% | 55.20% | 55.20% | 55.20% | 55.20% | 55.20% |
| EBIAT | 7.46 | 7.49 | 4.98 | -0.64 | 3.10 | 3.04 | 3.02 | 3 | 2.97 | 2.95 |
| Depreciation | -0.19 | 0.38 | 2.67 | 3.10 | 3.71 | 1.94 | 1.93 | 1.91 | 1.90 | 1.88 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.88 | -0.14 | -0.41 | 0.68 | -0.66 | -0.03 | -0.03 | -0.03 | -0.03 |
| Capital Expenditure | - | - | - | -0.30 | -0.17 | -0.26 | -0.26 | -0.26 | -0.26 | -0.26 |
| UFCF | 7.27 | 8.76 | 7.51 | 1.75 | 7.31 | 4.06 | 4.65 | 4.62 | 4.58 | 4.55 |
| WACC | ||||||||||
| PV UFCF | 3.67 | 3.82 | 3.43 | 3.08 | 2.77 | |||||
| SUM PV UFCF | 16.78 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.41 |
| Free cash flow (t + 1) | 4.64 |
| Terminal Value | 55.15 |
| Present Value of Terminal Value | 33.61 |
Intrinsic Value
| Enterprise Value | 50.39 |
|---|---|
| Net Debt | -12.92 |
| Equity Value | 63.31 |
| Shares Outstanding | 79.87 |
| Equity Value Per Share | 0.79 |