Discounted Cash Flow (DCF) Analysis Unlevered

Ecoslops S.A. (ALESA.PA)

8.54 €

+0.04 (+0.47%)
All numbers are in Millions, Currency in USD
Stock DCF: -5.10 | 8.54 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6.087.458.835.7512.4516.2621.2427.7536.2647.37
Revenue (%)
EBITDA -0.34-0.350.48-2.89-0.91-2.03-2.65-3.46-4.52-5.91
EBITDA (%)
EBIT -1.63-1.49-0.88-4.47-2.70-5.08-6.63-8.66-11.32-14.79
EBIT (%)
Depreciation 1.291.151.361.581.793.053.985.206.808.88
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 8.267.915.987.966.3416.2321.2027.6936.1847.27
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.481.461.171.391.512.513.284.285.597.30
Inventories (%)
Accounts Payable 0.831.622.912.914.114.946.458.4311.0114.39
Accounts Payable (%)
Capital Expenditure -0.47-2.67-9.03-8.76-3.41-10.59-13.83-18.07-23.60-30.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.54
Beta 1.226
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 24.97
After-tax Cost of Debt 3.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.545
Total Debt 33.37
Total Equity 682.07
Total Capital 715.44
Debt Weighting 4.66
Equity Weighting 95.34
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 6.087.458.835.7512.4516.2621.2427.7536.2647.37
EBITDA -0.34-0.350.48-2.89-0.91-2.03-2.65-3.46-4.52-5.91
EBIT -1.63-1.49-0.88-4.47-2.70-5.08-6.63-8.66-11.32-14.79
Tax Rate 22.38%17.91%-16.05%2.69%24.97%10.38%10.38%10.38%10.38%10.38%
EBIAT -1.26-1.23-1.02-4.35-2.02-4.55-5.94-7.76-10.14-13.25
Depreciation 1.291.151.361.581.793.053.985.206.808.88
Accounts Receivable ----------
Inventories --0.980.29-0.22-0.12-1-0.77-1-1.31-1.71
Accounts Payable -0.791.29-01.200.831.511.982.583.37
Capital Expenditure -0.47-2.67-9.03-8.76-3.41-10.59-13.83-18.07-23.60-30.84
UFCF -0.45-2.94-7.11-11.75-2.57-12.25-15.05-19.66-25.68-33.55
WACC
PV UFCF -11.21-12.60-15.06-18.01-21.53
SUM PV UFCF -78.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.28
Free cash flow (t + 1) -34.22
Terminal Value -470.03
Present Value of Terminal Value -301.60

Intrinsic Value

Enterprise Value -380
Net Debt 27.05
Equity Value -407.05
Shares Outstanding 79.87
Equity Value Per Share -5.10