Discounted Cash Flow (DCF) Analysis Unlevered

Eo2 Société Anonyme (ALEO2.PA)

4.8 €

-0.02 (-0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.84 | 4.8 | undervalue

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 25.4724.4524.7530.6540.0545.2351.0857.6865.1473.57
Revenue (%)
EBITDA 2.353.142.212.749.385.736.477.308.259.32
EBITDA (%)
EBIT 0.921.410.170.816.482.622.953.343.774.25
EBIT (%)
Depreciation 1.421.732.031.932.893.113.513.974.485.06
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 4.1812.4711.5013.0914.7017.4919.7522.3025.1828.44
Total Cash (%)
Account Receivables 6.455.245.205.9410.1510.1811.4912.9814.6616.55
Account Receivables (%)
Inventories 2.273.744.252.194.775.476.176.977.888.89
Inventories (%)
Accounts Payable 3.334.123.704.386.856.907.798.809.9411.22
Accounts Payable (%)
Capital Expenditure -1.07-1.60-0.71-1.98-1.41-2.13-2.41-2.72-3.07-3.47
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.8
Beta 0.875
Diluted Shares Outstanding 2.44
Cost of Debt
Tax Rate 26.43
After-tax Cost of Debt 3.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.392
Total Debt 12
Total Equity 11.72
Total Capital 23.73
Debt Weighting 50.59
Equity Weighting 49.41
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 25.4724.4524.7530.6540.0545.2351.0857.6865.1473.57
EBITDA 2.353.142.212.749.385.736.477.308.259.32
EBIT 0.921.410.170.816.482.622.953.343.774.25
Tax Rate 25.95%18.27%51.08%32.12%26.43%30.77%30.77%30.77%30.77%30.77%
EBIAT 0.681.150.080.554.771.812.052.312.612.95
Depreciation 1.421.732.031.932.893.113.513.974.485.06
Accounts Receivable -1.210.04-0.74-4.21-0.03-1.32-1.49-1.68-1.90
Inventories --1.46-0.512.05-2.58-0.69-0.71-0.80-0.90-1.02
Accounts Payable -0.79-0.420.682.470.050.891.011.141.29
Capital Expenditure -1.07-1.60-0.71-1.98-1.41-2.13-2.41-2.72-3.07-3.47
UFCF 1.041.820.522.491.942.112.022.282.572.91
WACC
PV UFCF 21.801.932.062.20
SUM PV UFCF 9.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.73
Free cash flow (t + 1) 2.92
Terminal Value 55.84
Present Value of Terminal Value 42.26

Intrinsic Value

Enterprise Value 52.25
Net Debt 3.80
Equity Value 48.45
Shares Outstanding 2.44
Equity Value Per Share 19.84