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
Operating Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 0.39 | 0.37 | 0.35 | 0.33 | 0.31 | 0.29 | 0.28 |
|---|---|---|---|---|---|---|---|
| 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 | 0.07 | 0.08 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 0.04 | 1.52 | 0.74 | 0.70 | 0.66 | 0.63 | 0.59 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | - | - | - | - | - | - | - |
| Account Receivables (%) | |||||||
| Inventories | - | 0.14 | 0.13 | 0.13 | 0.12 | 0.11 | 0.11 |
| Inventories (%) | |||||||
| Accounts Payable | 0.81 | 0.86 | 0.77 | 0.73 | 0.69 | 0.66 | 0.62 |
| 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 | 0.39 | 0.37 | 0.35 | 0.33 | 0.31 | 0.29 | 0.28 |
|---|---|---|---|---|---|---|---|
| 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 | 0.07 | 0.08 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 |
| Accounts Receivable | - | - | - | - | - | - | - |
| Inventories | - | - | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| 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 |