Discounted Cash Flow (DCF) Analysis Unlevered

Hiolle Industries S.A. (ALHIO.PA)

4.7 €

0.00 (-%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.01 | 4.7 | undervalue

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 75.7185.7785.8374.6588.8993.2097.73102.47107.44112.65
Revenue (%)
EBITDA 2.727.217.384.3812.417.537.908.288.689.11
EBITDA (%)
EBIT 1.894.903.501.017.104.034.234.434.654.87
EBIT (%)
Depreciation 0.832.313.883.375.303.503.673.854.044.23
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 7.567.047.5515.2914.0811.8012.3812.9813.6114.27
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 8.035.587.7411.5711.7610.2310.7211.2411.7912.36
Inventories (%)
Accounts Payable 20.7820.9422.9921.9220.7224.4825.6726.9128.2229.59
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 75.7185.7785.8374.6588.8993.2097.73102.47107.44112.65
EBITDA 2.727.217.384.3812.417.537.908.288.689.11
EBIT 1.894.903.501.017.104.034.234.434.654.87
Tax Rate 27.95%41.70%45.18%99.53%25.94%48.06%48.06%48.06%48.06%48.06%
EBIAT 1.362.851.9205.262.092.202.302.412.53
Depreciation 0.832.313.883.375.303.503.673.854.044.23
Accounts Receivable ----------
Inventories -2.45-2.16-3.84-0.191.53-0.50-0.52-0.55-0.57
Accounts Payable -0.152.05-1.07-1.203.761.191.251.311.37
Capital Expenditure -1.44-1.16-5.95-5.28-3.93-4.04-4.24-4.44-4.66-4.88
UFCF 0.756.62-0.27-6.825.266.852.322.432.552.68
WACC
PV UFCF 6.452.062.042.011.99
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