Discounted Cash Flow (DCF) Analysis Unlevered

DLSI (ALDLS.PA)

12.5 €

+0.15 (+1.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.79 | 12.5 | 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 215.35230.16232.16164.92194.94193.47192.01190.57189.13187.71
Revenue (%)
EBITDA 10.0911.0912.635.208.728.738.678.608.548.47
EBITDA (%)
EBIT 10.2710.719.962.105.016.796.746.696.646.59
EBIT (%)
Depreciation -0.190.382.673.103.711.941.931.911.901.88
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 6.589.568.7719.5725.4413.8913.7913.6813.5813.48
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.894.784.644.234.914.244.214.184.154.12
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 215.35230.16232.16164.92194.94193.47192.01190.57189.13187.71
EBITDA 10.0911.0912.635.208.728.738.678.608.548.47
EBIT 10.2710.719.962.105.016.796.746.696.646.59
Tax Rate 27.42%30.08%50.05%130.32%38.16%55.20%55.20%55.20%55.20%55.20%
EBIAT 7.467.494.98-0.643.103.043.0232.972.95
Depreciation -0.190.382.673.103.711.941.931.911.901.88
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.88-0.14-0.410.68-0.66-0.03-0.03-0.03-0.03
Capital Expenditure ----0.30-0.17-0.26-0.26-0.26-0.26-0.26
UFCF 7.278.767.511.757.314.064.654.624.584.55
WACC
PV UFCF 3.673.823.433.082.77
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