Discounted Cash Flow (DCF) Analysis Unlevered

Invibes Advertising N.V. (ALINV.PA)

8 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 424.34 | 8 | 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 3.886.089.7011.5323.2036.9158.7193.39148.55236.31
Revenue (%)
EBITDA 0.991.171.351.191.385.538.8013.9922.2635.41
EBITDA (%)
EBIT 0.660.750.720.410.343.084.907.7912.3919.71
EBIT (%)
Depreciation 0.330.420.630.781.052.453.906.209.8715.70
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 1.923.603.446.8710.0918.2629.0546.2273.52116.94
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.010.010.010.010.030.050.080.120.190.30
Inventories (%)
Accounts Payable 0.711.471.712.355.177.5912.0719.2030.5548.59
Accounts Payable (%)
Capital Expenditure -0.62-0.81-1.04-1.98-2.18-4.90-7.80-12.41-19.73-31.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8
Beta 0.216
Diluted Shares Outstanding 3.97
Cost of Debt
Tax Rate -651.79
After-tax Cost of Debt 3.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.722
Total Debt 6.87
Total Equity 31.77
Total Capital 38.65
Debt Weighting 17.78
Equity Weighting 82.22
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 3.886.089.7011.5323.2036.9158.7193.39148.55236.31
EBITDA 0.991.171.351.191.385.538.8013.9922.2635.41
EBIT 0.660.750.720.410.343.084.907.7912.3919.71
Tax Rate -1.66%-2.44%-7.60%4.15%-651.79%-131.87%-131.87%-131.87%-131.87%-131.87%
EBIAT 0.670.770.780.392.537.1411.3618.0628.7445.71
Depreciation 0.330.420.630.781.052.453.906.209.8715.70
Accounts Receivable ----------
Inventories --0-0-0-0.02-0.02-0.03-0.04-0.07-0.11
Accounts Payable -0.770.240.642.822.424.487.1311.3418.05
Capital Expenditure -0.62-0.81-1.04-1.98-2.18-4.90-7.80-12.41-19.73-31.39
UFCF 0.381.150.60-0.174.217.0911.9118.9530.1447.95
WACC
PV UFCF 6.7810.9116.6125.3038.51
SUM PV UFCF 98.12

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.48
Free cash flow (t + 1) 48.91
Terminal Value 1,972.07
Present Value of Terminal Value 1,584.01

Intrinsic Value

Enterprise Value 1,682.13
Net Debt -3.22
Equity Value 1,685.35
Shares Outstanding 3.97
Equity Value Per Share 424.34