Discounted Cash Flow (DCF) Analysis Unlevered

Lanson-BCC (ALLAN.PA)

33 €

+0.50 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: -8.04 | 33 | 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 261.59277.50250.29223.12271.09275.78280.55285.40290.34295.36
Revenue (%)
EBITDA 26.3828.4724.0519.3838.9629.2429.7430.2630.7831.31
EBITDA (%)
EBIT 20.5522.1718.1213.4231.0422.3722.7523.1523.5523.95
EBIT (%)
Depreciation 5.836.305.935.967.916.876.997.117.247.36
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 24.677.3710.1811.7010.5713.9514.1914.4414.6914.94
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 523.30542.17555.66537.88486.57572.51582.41592.49602.74613.17
Inventories (%)
Accounts Payable 114.64117.12102.5875.4666.23102.19103.95105.75107.58109.44
Accounts Payable (%)
Capital Expenditure -10.16-6.29-9.26-5.01-7.22-8.14-8.28-8.42-8.57-8.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 33
Beta 0.538
Diluted Shares Outstanding 31.47
Cost of Debt
Tax Rate 28.96
After-tax Cost of Debt 0.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.148
Total Debt 492.50
Total Equity 1,038.48
Total Capital 1,530.98
Debt Weighting 32.17
Equity Weighting 67.83
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 261.59277.50250.29223.12271.09275.78280.55285.40290.34295.36
EBITDA 26.3828.4724.0519.3838.9629.2429.7430.2630.7831.31
EBIT 20.5522.1718.1213.4231.0422.3722.7523.1523.5523.95
Tax Rate 29.12%30.26%28.30%33.37%28.96%30.00%30.00%30.00%30.00%30.00%
EBIAT 14.5715.4612.998.9422.0515.6615.9316.2016.4816.77
Depreciation 5.836.305.935.967.916.876.997.117.247.36
Accounts Receivable ----------
Inventories --18.87-13.5017.7851.31-85.94-9.90-10.08-10.25-10.43
Accounts Payable -2.48-14.54-27.12-9.2335.961.771.801.831.86
Capital Expenditure -10.16-6.29-9.26-5.01-7.21-8.14-8.28-8.42-8.57-8.72
UFCF 10.24-0.91-18.370.5564.83-35.596.506.616.736.84
WACC
PV UFCF -34.115.975.825.675.53
SUM PV UFCF -11.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.35
Free cash flow (t + 1) 6.98
Terminal Value 297.06
Present Value of Terminal Value 240.09

Intrinsic Value

Enterprise Value 228.98
Net Debt 481.93
Equity Value -252.95
Shares Outstanding 31.47
Equity Value Per Share -8.04