Discounted Cash Flow (DCF) Analysis Unlevered

Eurofins-Cerep SA (ALECR.PA)

22200 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 63,113.62 | 22200 | 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 24.4125.4531.0132.6741.6247.7454.7662.8272.0682.66
Revenue (%)
EBITDA 4.195.385.246.3010.859.6011.0112.6314.4916.62
EBITDA (%)
EBIT 3.945.114.915.9610.419.1010.4411.9813.7415.76
EBIT (%)
Depreciation 0.250.260.320.340.430.500.570.650.750.86
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 1.450.783.344.901.303.624.154.765.466.26
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.362.141.801.902.823.093.554.074.675.35
Inventories (%)
Accounts Payable 2.292.763.433.304.484.985.716.557.518.62
Accounts Payable (%)
Capital Expenditure -1.06-1.11-1.35-1.42-1.81-2.08-2.38-2.73-3.14-3.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22,200
Beta 0.543
Diluted Shares Outstanding 0.01
Cost of Debt
Tax Rate -5.16
After-tax Cost of Debt 182.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.096
Total Debt 0.02
Total Equity 111.98
Total Capital 112
Debt Weighting 0.02
Equity Weighting 99.98
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 24.4125.4531.0132.6741.6247.7454.7662.8272.0682.66
EBITDA 4.195.385.246.3010.859.6011.0112.6314.4916.62
EBIT 3.945.114.915.9610.419.1010.4411.9813.7415.76
Tax Rate 2.31%-21.21%-8.03%-8.38%-5.16%-8.09%-8.09%-8.09%-8.09%-8.09%
EBIAT 3.856.205.316.4610.959.8411.2912.9514.8517.04
Depreciation 0.250.260.320.340.430.500.570.650.750.86
Accounts Receivable ----------
Inventories --0.780.34-0.10-0.92-0.27-0.45-0.52-0.60-0.69
Accounts Payable -0.470.67-0.131.180.500.730.840.961.11
Capital Expenditure -1.06-1.11-1.35-1.42-1.81-2.08-2.38-2.73-3.14-3.60
UFCF 3.045.055.295.159.838.499.7511.1912.8314.72
WACC
PV UFCF 88.669.3610.1110.93
SUM PV UFCF 47.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.13
Free cash flow (t + 1) 15.01
Terminal Value 363.54
Present Value of Terminal Value 270

Intrinsic Value

Enterprise Value 317.06
Net Debt -1.28
Equity Value 318.35
Shares Outstanding 0.01
Equity Value Per Share 63,113.62