Discounted Cash Flow (DCF) Analysis Unlevered

Enogia SAS (ALENO.PA)

4.11 €

-0.12 (-2.84%)
All numbers are in Millions, Currency in USD
Stock DCF: -44.46 | 4.11 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2.541.942.943.353.824.354.955.64
Revenue (%)
EBITDA -0.03-1.41-1.65-1.45-1.65-1.88-2.14-2.44
EBITDA (%)
EBIT -0.59-2.11-2.59-2.46-2.80-3.19-3.63-4.14
EBIT (%)
Depreciation 0.570.700.941.011.151.311.491.70
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.480.686.413.043.463.944.495.11
Total Cash (%)
Account Receivables --------
Account Receivables (%)
Inventories 0.190.110.440.320.360.410.470.54
Inventories (%)
Accounts Payable 1.081.301.321.731.972.242.552.91
Accounts Payable (%)
Capital Expenditure -1.24-0.85-1.48-1.60-1.82-2.07-2.36-2.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.11
Beta 0.000
Diluted Shares Outstanding 3.86
Cost of Debt
Tax Rate 16.67
After-tax Cost of Debt 7.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.373
Total Debt 3.84
Total Equity 15.86
Total Capital 19.70
Debt Weighting 19.50
Equity Weighting 80.50
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2.541.942.943.353.824.354.955.64
EBITDA -0.03-1.41-1.65-1.45-1.65-1.88-2.14-2.44
EBIT -0.59-2.11-2.59-2.46-2.80-3.19-3.63-4.14
Tax Rate 23.16%9.83%16.67%16.55%16.55%16.55%16.55%16.55%
EBIAT -0.46-1.90-2.16-2.05-2.34-2.66-3.03-3.45
Depreciation 0.570.700.941.011.151.311.491.70
Accounts Receivable --------
Inventories -0.08-0.330.12-0.04-0.05-0.06-0.07
Accounts Payable -0.220.020.400.240.270.310.36
Capital Expenditure -1.25-0.85-1.48-1.60-1.82-2.07-2.36-2.69
UFCF -1.14-1.76-3-2.12-2.81-3.20-3.65-4.16
WACC
PV UFCF -2.20-2.81-3.08-3.36-3.68
SUM PV UFCF -13.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.16
Free cash flow (t + 1) -4.24
Terminal Value -196.38
Present Value of Terminal Value -160.18

Intrinsic Value

Enterprise Value -174.13
Net Debt -2.57
Equity Value -171.56
Shares Outstanding 3.86
Equity Value Per Share -44.46