Discounted Cash Flow (DCF) Analysis Unlevered

Emova Group SA (ALEMV.PA)

1.33 €

-0.02 (-1.48%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.05 | 1.33 | 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 20.1622.1925.8223.3029.7533.0536.7140.7845.3050.32
Revenue (%)
EBITDA 0.281.881.162.463.142.342.602.893.213.57
EBITDA (%)
EBIT 0.091.340.570.420.570.820.911.011.131.25
EBIT (%)
Depreciation 0.190.540.592.032.571.521.691.882.092.32
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 1.150.490.300.360.220.750.840.931.031.14
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.260.310.360.410.700.540.600.670.740.83
Inventories (%)
Accounts Payable 3.567.049.186.785.998.879.8610.9512.1613.51
Accounts Payable (%)
Capital Expenditure -1.08-2.23-4-1.83-1.60-2.92-3.24-3.60-4-4.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.33
Beta 2.194
Diluted Shares Outstanding 6.34
Cost of Debt
Tax Rate 66.94
After-tax Cost of Debt 0.78%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.182
Total Debt 16.68
Total Equity 8.43
Total Capital 25.11
Debt Weighting 66.43
Equity Weighting 33.57
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 20.1622.1925.8223.3029.7533.0536.7140.7845.3050.32
EBITDA 0.281.881.162.463.142.342.602.893.213.57
EBIT 0.091.340.570.420.570.820.911.011.131.25
Tax Rate 218.75%-55.54%86.03%152.84%66.94%93.80%93.80%93.80%93.80%93.80%
EBIAT -0.112.080.08-0.220.190.050.060.060.070.08
Depreciation 0.190.540.592.032.571.521.691.882.092.32
Accounts Receivable ----------
Inventories --0.05-0.05-0.05-0.290.16-0.06-0.07-0.07-0.08
Accounts Payable -3.482.14-2.40-0.792.880.981.091.211.35
Capital Expenditure -1.08-2.23-4-1.83-1.60-2.92-3.24-3.60-4-4.44
UFCF -13.81-1.24-2.470.081.70-0.57-0.63-0.70-0.78
WACC
PV UFCF 1.62-0.52-0.55-0.58-0.61
SUM PV UFCF -0.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.95
Free cash flow (t + 1) -0.80
Terminal Value -27.04
Present Value of Terminal Value -21.24

Intrinsic Value

Enterprise Value -21.88
Net Debt 16.46
Equity Value -38.34
Shares Outstanding 6.34
Equity Value Per Share -6.05