Discounted Cash Flow (DCF) Analysis Unlevered
Hiolle Industries S.A. (ALHIO.PA)
4.7 €
0.00 (-%)
All numbers are in Millions, Currency in USD
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 | 75.71 | 85.77 | 85.83 | 74.65 | 88.89 | 93.20 | 97.73 | 102.47 | 107.44 | 112.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2.72 | 7.21 | 7.38 | 4.38 | 12.41 | 7.53 | 7.90 | 8.28 | 8.68 | 9.11 |
| EBITDA (%) | ||||||||||
| EBIT | 1.89 | 4.90 | 3.50 | 1.01 | 7.10 | 4.03 | 4.23 | 4.43 | 4.65 | 4.87 |
| EBIT (%) | ||||||||||
| Depreciation | 0.83 | 2.31 | 3.88 | 3.37 | 5.30 | 3.50 | 3.67 | 3.85 | 4.04 | 4.23 |
| 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 | 7.56 | 7.04 | 7.55 | 15.29 | 14.08 | 11.80 | 12.38 | 12.98 | 13.61 | 14.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 8.03 | 5.58 | 7.74 | 11.57 | 11.76 | 10.23 | 10.72 | 11.24 | 11.79 | 12.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 20.78 | 20.94 | 22.99 | 21.92 | 20.72 | 24.48 | 25.67 | 26.91 | 28.22 | 29.59 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.44 | -1.16 | -5.95 | -5.28 | -3.93 | -4.04 | -4.24 | -4.44 | -4.66 | -4.88 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.7 |
|---|---|
| Beta | 1.067 |
| Diluted Shares Outstanding | 9.42 |
| Cost of Debt | |
| Tax Rate | 25.94 |
| After-tax Cost of Debt | 1.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.566 |
| Total Debt | 21.07 |
| Total Equity | 44.28 |
| Total Capital | 65.35 |
| Debt Weighting | 32.24 |
| Equity Weighting | 67.76 |
| 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 | 75.71 | 85.77 | 85.83 | 74.65 | 88.89 | 93.20 | 97.73 | 102.47 | 107.44 | 112.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2.72 | 7.21 | 7.38 | 4.38 | 12.41 | 7.53 | 7.90 | 8.28 | 8.68 | 9.11 |
| EBIT | 1.89 | 4.90 | 3.50 | 1.01 | 7.10 | 4.03 | 4.23 | 4.43 | 4.65 | 4.87 |
| Tax Rate | 27.95% | 41.70% | 45.18% | 99.53% | 25.94% | 48.06% | 48.06% | 48.06% | 48.06% | 48.06% |
| EBIAT | 1.36 | 2.85 | 1.92 | 0 | 5.26 | 2.09 | 2.20 | 2.30 | 2.41 | 2.53 |
| Depreciation | 0.83 | 2.31 | 3.88 | 3.37 | 5.30 | 3.50 | 3.67 | 3.85 | 4.04 | 4.23 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 2.45 | -2.16 | -3.84 | -0.19 | 1.53 | -0.50 | -0.52 | -0.55 | -0.57 |
| Accounts Payable | - | 0.15 | 2.05 | -1.07 | -1.20 | 3.76 | 1.19 | 1.25 | 1.31 | 1.37 |
| Capital Expenditure | -1.44 | -1.16 | -5.95 | -5.28 | -3.93 | -4.04 | -4.24 | -4.44 | -4.66 | -4.88 |
| UFCF | 0.75 | 6.62 | -0.27 | -6.82 | 5.26 | 6.85 | 2.32 | 2.43 | 2.55 | 2.68 |
| WACC | ||||||||||
| PV UFCF | 6.45 | 2.06 | 2.04 | 2.01 | 1.99 | |||||
| SUM PV UFCF | 14.55 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.13 |
| Free cash flow (t + 1) | 2.73 |
| Terminal Value | 66.11 |
| Present Value of Terminal Value | 49.10 |
Intrinsic Value
| Enterprise Value | 63.65 |
|---|---|
| Net Debt | 6.99 |
| Equity Value | 56.66 |
| Shares Outstanding | 9.42 |
| Equity Value Per Share | 6.01 |