Discounted Cash Flow (DCF) Analysis Unlevered
Enogia SAS (ALENO.PA)
4.11 €
-0.12 (-2.84%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 2.54 | 1.94 | 2.94 | 3.35 | 3.82 | 4.35 | 4.95 | 5.64 |
|---|---|---|---|---|---|---|---|---|
| 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 | 0.57 | 0.70 | 0.94 | 1.01 | 1.15 | 1.31 | 1.49 | 1.70 |
| 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 | 0.48 | 0.68 | 6.41 | 3.04 | 3.46 | 3.94 | 4.49 | 5.11 |
|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||
| Account Receivables | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||
| Inventories | 0.19 | 0.11 | 0.44 | 0.32 | 0.36 | 0.41 | 0.47 | 0.54 |
| Inventories (%) | ||||||||
| Accounts Payable | 1.08 | 1.30 | 1.32 | 1.73 | 1.97 | 2.24 | 2.55 | 2.91 |
| 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 | 2.54 | 1.94 | 2.94 | 3.35 | 3.82 | 4.35 | 4.95 | 5.64 |
|---|---|---|---|---|---|---|---|---|
| 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 | 0.57 | 0.70 | 0.94 | 1.01 | 1.15 | 1.31 | 1.49 | 1.70 |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Inventories | - | 0.08 | -0.33 | 0.12 | -0.04 | -0.05 | -0.06 | -0.07 |
| Accounts Payable | - | 0.22 | 0.02 | 0.40 | 0.24 | 0.27 | 0.31 | 0.36 |
| 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 |