Discounted Cash Flow (DCF) Analysis Unlevered

Ikonisys S.A. (ALIKO.PA)

1.45 €

-0.07 (-4.29%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.69 | 1.45 | overvalue

Operating Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.390.370.350.330.310.290.28
Revenue (%)
EBITDA 0.27-0.48-0.11-0.10-0.10-0.09-0.09
EBITDA (%)
EBIT 0.20-0.56-0.18-0.17-0.16-0.15-0.14
EBIT (%)
Depreciation 0.070.080.070.070.060.060.06
Depreciation (%)

Balance Sheet Data

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.041.520.740.700.660.630.59
Total Cash (%)
Account Receivables -------
Account Receivables (%)
Inventories -0.140.130.130.120.110.11
Inventories (%)
Accounts Payable 0.810.860.770.730.690.660.62
Accounts Payable (%)
Capital Expenditure --0.58-0.55-0.52-0.49-0.46-0.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.45
Beta 0.000
Diluted Shares Outstanding 9.71
Cost of Debt
Tax Rate -0.34
After-tax Cost of Debt 0.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.703
Total Debt 1.24
Total Equity 14.08
Total Capital 15.32
Debt Weighting 8.11
Equity Weighting 91.89
Wacc

Build Up Free Cash

Year
A/P
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.390.370.350.330.310.290.28
EBITDA 0.27-0.48-0.11-0.10-0.10-0.09-0.09
EBIT 0.20-0.56-0.18-0.17-0.16-0.15-0.14
Tax Rate -0.40%-0.34%-0.37%-0.37%-0.37%-0.37%-0.37%
EBIAT 0.21-0.57-0.18-0.17-0.16-0.15-0.14
Depreciation 0.070.080.070.070.060.060.06
Accounts Receivable -------
Inventories --0.010.010.010.010.01
Accounts Payable -0.05-0.09-0.04-0.04-0.04-0.03
Capital Expenditure --0.58-0.55-0.52-0.49-0.46-0.44
UFCF 0.27-1.01-0.74-0.65-0.62-0.59-0.56
WACC
PV UFCF -0.79-0.67-0.62-0.57-0.52
SUM PV UFCF -2.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.44
Free cash flow (t + 1) -0.57
Terminal Value -39.32
Present Value of Terminal Value -33.20

Intrinsic Value

Enterprise Value -36.06
Net Debt -0.27
Equity Value -35.79
Shares Outstanding 9.71
Equity Value Per Share -3.69