Discounted Cash Flow (DCF) Analysis Unlevered
Eurofins-Cerep SA (ALECR.PA)
22200 €
0.00 (0.00%)
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 | 24.41 | 25.45 | 31.01 | 32.67 | 41.62 | 47.74 | 54.76 | 62.82 | 72.06 | 82.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.19 | 5.38 | 5.24 | 6.30 | 10.85 | 9.60 | 11.01 | 12.63 | 14.49 | 16.62 |
| EBITDA (%) | ||||||||||
| EBIT | 3.94 | 5.11 | 4.91 | 5.96 | 10.41 | 9.10 | 10.44 | 11.98 | 13.74 | 15.76 |
| EBIT (%) | ||||||||||
| Depreciation | 0.25 | 0.26 | 0.32 | 0.34 | 0.43 | 0.50 | 0.57 | 0.65 | 0.75 | 0.86 |
| 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 | 1.45 | 0.78 | 3.34 | 4.90 | 1.30 | 3.62 | 4.15 | 4.76 | 5.46 | 6.26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 1.36 | 2.14 | 1.80 | 1.90 | 2.82 | 3.09 | 3.55 | 4.07 | 4.67 | 5.35 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.29 | 2.76 | 3.43 | 3.30 | 4.48 | 4.98 | 5.71 | 6.55 | 7.51 | 8.62 |
| 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 | 24.41 | 25.45 | 31.01 | 32.67 | 41.62 | 47.74 | 54.76 | 62.82 | 72.06 | 82.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.19 | 5.38 | 5.24 | 6.30 | 10.85 | 9.60 | 11.01 | 12.63 | 14.49 | 16.62 |
| EBIT | 3.94 | 5.11 | 4.91 | 5.96 | 10.41 | 9.10 | 10.44 | 11.98 | 13.74 | 15.76 |
| Tax Rate | 2.31% | -21.21% | -8.03% | -8.38% | -5.16% | -8.09% | -8.09% | -8.09% | -8.09% | -8.09% |
| EBIAT | 3.85 | 6.20 | 5.31 | 6.46 | 10.95 | 9.84 | 11.29 | 12.95 | 14.85 | 17.04 |
| Depreciation | 0.25 | 0.26 | 0.32 | 0.34 | 0.43 | 0.50 | 0.57 | 0.65 | 0.75 | 0.86 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.78 | 0.34 | -0.10 | -0.92 | -0.27 | -0.45 | -0.52 | -0.60 | -0.69 |
| Accounts Payable | - | 0.47 | 0.67 | -0.13 | 1.18 | 0.50 | 0.73 | 0.84 | 0.96 | 1.11 |
| Capital Expenditure | -1.06 | -1.11 | -1.35 | -1.42 | -1.81 | -2.08 | -2.38 | -2.73 | -3.14 | -3.60 |
| UFCF | 3.04 | 5.05 | 5.29 | 5.15 | 9.83 | 8.49 | 9.75 | 11.19 | 12.83 | 14.72 |
| WACC | ||||||||||
| PV UFCF | 8 | 8.66 | 9.36 | 10.11 | 10.93 | |||||
| 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 |