Discounted Cash Flow (DCF) Analysis Unlevered

Fountaine Pajot Société anonyme (ALFPC.PA)

84 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.22 | 84 | 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 78.98105.99207.11172.87202.31268.11355.32470.89624.05827.02
Revenue (%)
EBITDA 10.7716.2326.7222.5528.533749.0364.9886.12114.13
EBITDA (%)
EBIT 6.6110.5717.4613.4619.8923.8131.5541.8155.4173.44
EBIT (%)
Depreciation 4.165.669.269.088.6413.1917.4823.1730.7040.69
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 32.4429.5046.7862.6510496.06127.30168.71223.58296.30
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 16.6617.3127.8222.7125.5141.0854.4472.1495.61126.71
Inventories (%)
Accounts Payable 5.016.3517.3010.2215.0918.2624.2032.0642.4956.32
Accounts Payable (%)
Capital Expenditure -5.93-7.70-13.22-14.31-10.56-18.58-24.62-32.63-43.24-57.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 84
Beta 1.647
Diluted Shares Outstanding 1.67
Cost of Debt
Tax Rate 50.23
After-tax Cost of Debt 1.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.740
Total Debt 33.79
Total Equity 140.03
Total Capital 173.82
Debt Weighting 19.44
Equity Weighting 80.56
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 78.98105.99207.11172.87202.31268.11355.32470.89624.05827.02
EBITDA 10.7716.2326.7222.5528.533749.0364.9886.12114.13
EBIT 6.6110.5717.4613.4619.8923.8131.5541.8155.4173.44
Tax Rate 67.78%63.22%33.24%59.15%50.23%54.73%54.73%54.73%54.73%54.73%
EBIAT 2.133.8911.665.509.9010.7814.2818.9325.0933.25
Depreciation 4.165.669.269.088.6413.1917.4823.1730.7040.69
Accounts Receivable ----------
Inventories --0.65-10.525.12-2.80-15.56-13.36-17.71-23.47-31.10
Accounts Payable -1.3410.95-7.084.873.175.947.8710.4313.82
Capital Expenditure -5.93-7.70-13.22-14.31-10.56-18.58-24.62-32.63-43.24-57.31
UFCF 0.362.548.13-1.6910.05-7.01-0.28-0.37-0.49-0.65
WACC
PV UFCF -6.39-0.23-0.28-0.34-0.41
SUM PV UFCF -7.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.67
Free cash flow (t + 1) -0.66
Terminal Value -8.58
Present Value of Terminal Value -5.41

Intrinsic Value

Enterprise Value -13.05
Net Debt -2.68
Equity Value -10.37
Shares Outstanding 1.67
Equity Value Per Share -6.22