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
Stock DCF: 27.84 | 5.8 | 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 19.4725.4724.4524.7530.6534.6239.1144.1849.9256.39
Revenue (%)
EBITDA 2.152.553.422.773.043.894.394.965.616.33
EBITDA (%)
EBIT 0.981.131.690.741.111.591.802.032.302.59
EBIT (%)
Depreciation 1.161.421.732.031.932.302.592.933.313.74
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 3.844.1712.4711.5013.0912.2113.7915.5817.6019.89
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3.892.273.744.252.194.745.366.066.847.73
Inventories (%)
Accounts Payable 4.303.334.123.704.385.636.367.188.119.17
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 19.4725.4724.4524.7530.6534.6239.1144.1849.9256.39
EBITDA 2.152.553.422.773.043.894.394.965.616.33
EBIT 0.981.131.690.741.111.591.802.032.302.59
Tax Rate -13.63%25.95%18.27%-48.92%-8.16%-5.30%-5.30%-5.30%-5.30%-5.30%
EBIAT 1.120.831.381.101.201.681.892.142.422.73
Depreciation 1.161.421.732.031.932.302.592.933.313.74
Accounts Receivable ----------
Inventories -1.62-1.46-0.512.05-2.55-0.62-0.70-0.79-0.89
Accounts Payable --0.970.79-0.420.681.250.730.820.931.05
Capital Expenditure -1.11-1.07-1.60-0.71-1.98-1.78-2.02-2.28-2.57-2.91
UFCF 1.171.830.841.503.880.892.592.923.303.73
WACC
PV UFCF 0.832.272.402.542.69
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