Discounted Cash Flow (DCF) Analysis Unlevered

Encres Dubuit (ALDUB.PA)

2.9 €

+0.10 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 29.09 | 2.9 | 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 24.5723.5818.6420.6822.7222.4922.2522.0221.7921.56
Revenue (%)
EBITDA 2.551.230.552.311.341.601.581.571.551.53
EBITDA (%)
EBIT 1.820.37-0.391.370.250.660.650.640.640.63
EBIT (%)
Depreciation 0.730.860.930.931.100.940.930.920.910.90
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 7.477.988.799.287.678.558.468.378.288.19
Total Cash (%)
Account Receivables 5.985.894.465.585.505.595.545.485.425.36
Account Receivables (%)
Inventories 4.814.464.114.605.524.824.774.724.674.62
Inventories (%)
Accounts Payable 2.442.141.782.272.292.232.212.182.162.14
Accounts Payable (%)
Capital Expenditure -0.99-0.28-0.58-0.61-0.79-0.66-0.66-0.65-0.64-0.64
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.9
Beta 0.313
Diluted Shares Outstanding 3.14
Cost of Debt
Tax Rate 179.91
After-tax Cost of Debt -3.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.750
Total Debt 1.88
Total Equity 9.11
Total Capital 10.99
Debt Weighting 17.14
Equity Weighting 82.86
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 24.5723.5818.6420.6822.7222.4922.2522.0221.7921.56
EBITDA 2.551.230.552.311.341.601.581.571.551.53
EBIT 1.820.37-0.391.370.250.660.650.640.640.63
Tax Rate 30.43%30.73%-24.44%32.26%179.91%49.78%49.78%49.78%49.78%49.78%
EBIAT 1.260.25-0.480.93-0.200.330.330.320.320.32
Depreciation 0.730.860.930.931.100.940.930.920.910.90
Accounts Receivable -0.091.43-1.120.08-0.090.060.060.060.06
Inventories -0.350.35-0.49-0.920.700.050.050.050.05
Accounts Payable --0.30-0.360.490.02-0.06-0.02-0.02-0.02-0.02
Capital Expenditure -0.99-0.28-0.58-0.61-0.79-0.66-0.66-0.65-0.64-0.64
UFCF 10.981.280.13-0.711.160.690.680.670.67
WACC
PV UFCF 1.110.630.600.570.54
SUM PV UFCF 3.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.18
Free cash flow (t + 1) 0.69
Terminal Value 101.30
Present Value of Terminal Value 82.54

Intrinsic Value

Enterprise Value 86.01
Net Debt -5.37
Equity Value 91.37
Shares Outstanding 3.14
Equity Value Per Share 29.09