Discounted Cash Flow (DCF) Analysis Unlevered
Eo2 Société Anonyme (ALEO2.PA)
5.8 €
+0.24 (+4.32%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 19.47 | 25.47 | 24.45 | 24.75 | 30.65 | 34.62 | 39.11 | 44.18 | 49.92 | 56.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.15 | 2.55 | 3.42 | 2.77 | 3.04 | 3.89 | 4.39 | 4.96 | 5.61 | 6.33 |
| EBITDA (%) | ||||||||||
| EBIT | 0.98 | 1.13 | 1.69 | 0.74 | 1.11 | 1.59 | 1.80 | 2.03 | 2.30 | 2.59 |
| EBIT (%) | ||||||||||
| Depreciation | 1.16 | 1.42 | 1.73 | 2.03 | 1.93 | 2.30 | 2.59 | 2.93 | 3.31 | 3.74 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 3.84 | 4.17 | 12.47 | 11.50 | 13.09 | 12.21 | 13.79 | 15.58 | 17.60 | 19.89 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 3.89 | 2.27 | 3.74 | 4.25 | 2.19 | 4.74 | 5.36 | 6.06 | 6.84 | 7.73 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.30 | 3.33 | 4.12 | 3.70 | 4.38 | 5.63 | 6.36 | 7.18 | 8.11 | 9.17 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.11 | -1.07 | -1.60 | -0.71 | -1.98 | -1.78 | -2.02 | -2.28 | -2.57 | -2.91 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.8 |
|---|---|
| Beta | 1.432 |
| Diluted Shares Outstanding | 2.54 |
| Cost of Debt | |
| Tax Rate | -8.16 |
| After-tax Cost of Debt | 2.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.549 |
| Total Debt | 10.45 |
| Total Equity | 14.72 |
| Total Capital | 25.17 |
| Debt Weighting | 41.52 |
| Equity Weighting | 58.48 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 19.47 | 25.47 | 24.45 | 24.75 | 30.65 | 34.62 | 39.11 | 44.18 | 49.92 | 56.39 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.15 | 2.55 | 3.42 | 2.77 | 3.04 | 3.89 | 4.39 | 4.96 | 5.61 | 6.33 |
| EBIT | 0.98 | 1.13 | 1.69 | 0.74 | 1.11 | 1.59 | 1.80 | 2.03 | 2.30 | 2.59 |
| Tax Rate | -13.63% | 25.95% | 18.27% | -48.92% | -8.16% | -5.30% | -5.30% | -5.30% | -5.30% | -5.30% |
| EBIAT | 1.12 | 0.83 | 1.38 | 1.10 | 1.20 | 1.68 | 1.89 | 2.14 | 2.42 | 2.73 |
| Depreciation | 1.16 | 1.42 | 1.73 | 2.03 | 1.93 | 2.30 | 2.59 | 2.93 | 3.31 | 3.74 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 1.62 | -1.46 | -0.51 | 2.05 | -2.55 | -0.62 | -0.70 | -0.79 | -0.89 |
| Accounts Payable | - | -0.97 | 0.79 | -0.42 | 0.68 | 1.25 | 0.73 | 0.82 | 0.93 | 1.05 |
| Capital Expenditure | -1.11 | -1.07 | -1.60 | -0.71 | -1.98 | -1.78 | -2.02 | -2.28 | -2.57 | -2.91 |
| UFCF | 1.17 | 1.83 | 0.84 | 1.50 | 3.88 | 0.89 | 2.59 | 2.92 | 3.30 | 3.73 |
| WACC | ||||||||||
| PV UFCF | 0.83 | 2.27 | 2.40 | 2.54 | 2.69 | |||||
| SUM PV UFCF | 10.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.78 |
| Free cash flow (t + 1) | 3.80 |
| Terminal Value | 79.54 |
| Present Value of Terminal Value | 57.30 |
Intrinsic Value
| Enterprise Value | 68.02 |
|---|---|
| Net Debt | -2.64 |
| Equity Value | 70.66 |
| Shares Outstanding | 2.54 |
| Equity Value Per Share | 27.84 |