Discounted Cash Flow (DCF) Analysis Unlevered
IntegraGen SA (ALINT.PA)
0.95 €
-0.03 (-3.06%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6.92 | 8.28 | 8.98 | 11.32 | 13.17 | 15.49 | 18.21 | 21.42 | 25.19 | 29.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.06 | -0.04 | -0.04 | 0.06 | 0.07 | -0.47 | -0.55 | -0.65 | -0.77 | -0.90 |
| EBITDA (%) | ||||||||||
| EBIT | -1.06 | -0.04 | -0.04 | 0.06 | 0.07 | -0.47 | -0.55 | -0.65 | -0.77 | -0.90 |
| EBIT (%) | ||||||||||
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 4.01 | 2.81 | 5.12 | 4.78 | 4.51 | 6.98 | 8.21 | 9.65 | 11.35 | 13.35 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | 2.59 | 2.81 | 3.55 | 4.12 | 4.85 | 5.71 | 6.71 | 7.89 | 9.28 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.38 | 0.29 | 0.24 | 0.34 | 0.39 | 0.54 | 0.64 | 0.75 | 0.89 | 1.04 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.55 | 0.70 | 0.90 | 1.77 | 1.61 | 2.13 | 2.50 | 2.94 | 3.46 | 4.07 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.95 |
|---|---|
| Beta | 0.180 |
| Diluted Shares Outstanding | 6.63 |
| Cost of Debt | |
| Tax Rate | 97.56 |
| After-tax Cost of Debt | 0.10% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.987 |
| Total Debt | 1.67 |
| Total Equity | 6.30 |
| Total Capital | 7.97 |
| Debt Weighting | 20.98 |
| Equity Weighting | 79.02 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 6.92 | 8.28 | 8.98 | 11.32 | 13.17 | 15.49 | 18.21 | 21.42 | 25.19 | 29.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.06 | -0.04 | -0.04 | 0.06 | 0.07 | -0.47 | -0.55 | -0.65 | -0.77 | -0.90 |
| EBIT | -1.06 | -0.04 | -0.04 | 0.06 | 0.07 | -0.47 | -0.55 | -0.65 | -0.77 | -0.90 |
| Tax Rate | 14.47% | 34.96% | 19.77% | 113.48% | 97.56% | 56.05% | 56.05% | 56.05% | 56.05% | 56.05% |
| EBIAT | -0.90 | -0.03 | -0.03 | -0.01 | 0 | -0.21 | -0.24 | -0.29 | -0.34 | -0.40 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | -0.22 | -0.73 | -0.58 | -0.73 | -0.85 | -1 | -1.18 | -1.39 |
| Inventories | - | 0.09 | 0.05 | -0.10 | -0.05 | -0.16 | -0.10 | -0.11 | -0.13 | -0.16 |
| Accounts Payable | - | -0.84 | 0.20 | 0.87 | -0.17 | 0.52 | 0.37 | 0.44 | 0.52 | 0.61 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | -0.90 | -0.78 | -0 | 0.02 | -0.79 | -0.57 | -0.82 | -0.96 | -1.13 | -1.33 |
| WACC | ||||||||||
| PV UFCF | -0.55 | -0.76 | -0.86 | -0.97 | -1.10 | |||||
| SUM PV UFCF | -4.23 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -1.36 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -0.79 |
| Equity Value | - |
| Shares Outstanding | 6.63 |
| Equity Value Per Share | - |