Discounted Cash Flow (DCF) Analysis Unlevered

Implanet S.A. (ALIMP.PA)

0.1694 €

+0.00 (+0.12%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.59 | 0.1694 | 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 7.846.727.416.016.145.825.525.234.964.70
Revenue (%)
EBITDA -5.15-4.33-2.15-1.63-5.02-3.12-2.96-2.81-2.66-2.52
EBITDA (%)
EBIT -6.07-4.91-2.86-2.63-3.86-3.44-3.26-3.09-2.93-2.78
EBIT (%)
Depreciation 0.920.580.701-1.160.320.300.290.270.26
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 2.610.070.371.011.871.010.960.910.860.81
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3.393.503.503.563.302.972.822.672.532.40
Inventories (%)
Accounts Payable 2.422.502.711.742.712.071.961.861.761.67
Accounts Payable (%)
Capital Expenditure -0.74-0.57-0.54-0.23-0.39-0.41-0.39-0.37-0.35-0.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1,694
Beta 1.498
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 7.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.918
Total Debt 9.61
Total Equity 13.53
Total Capital 23.14
Debt Weighting 41.54
Equity Weighting 58.46
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 7.846.727.416.016.145.825.525.234.964.70
EBITDA -5.15-4.33-2.15-1.63-5.02-3.12-2.96-2.81-2.66-2.52
EBIT -6.07-4.91-2.86-2.63-3.86-3.44-3.26-3.09-2.93-2.78
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -6.07-4.91-2.86-2.63-3.86-3.44-3.26-3.09-2.93-2.78
Depreciation 0.920.580.701-1.160.320.300.290.270.26
Accounts Receivable ----------
Inventories --0.110-0.050.260.320.150.150.140.13
Accounts Payable -0.080.21-0.970.97-0.65-0.11-0.10-0.10-0.09
Capital Expenditure -0.74-0.57-0.54-0.23-0.39-0.41-0.39-0.37-0.35-0.33
UFCF -5.90-4.94-2.49-2.89-4.18-3.86-3.31-3.13-2.97-2.82
WACC
PV UFCF -3.54-2.78-2.42-2.11-1.83
SUM PV UFCF -12.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.99
Free cash flow (t + 1) -2.87
Terminal Value -41.10
Present Value of Terminal Value -26.72

Intrinsic Value

Enterprise Value -39.40
Net Debt 7.75
Equity Value -47.15
Shares Outstanding 79.87
Equity Value Per Share -0.59