Discounted Cash Flow (DCF) Analysis Unlevered
Lexibook - Linguistic Electronic Sy... (ALLEX.PA)
2.59 €
-0.01 (-0.38%)
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 | 26.78 | 21.43 | 23.20 | 27.36 | 45.25 | 53.35 | 62.90 | 74.16 | 87.43 | 103.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1.16 | 0.78 | 1.75 | 3.47 | 5.50 | 4.30 | 5.07 | 5.98 | 7.05 | 8.32 |
| EBITDA (%) | ||||||||||
| EBIT | -0.45 | -0.60 | 0.30 | 1.94 | 4.36 | 1.44 | 1.70 | 2.01 | 2.37 | 2.79 |
| EBIT (%) | ||||||||||
| Depreciation | 1.61 | 1.38 | 1.45 | 1.53 | 1.14 | 2.86 | 3.37 | 3.98 | 4.69 | 5.53 |
| 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 | 0.44 | 0.24 | 0.66 | 3.46 | 2.45 | 2.52 | 2.98 | 3.51 | 4.14 | 4.88 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 5.90 | 5.12 | 4.51 | 4.98 | 12.06 | 11.76 | 13.87 | 16.35 | 19.28 | 22.73 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.83 | 2.65 | 2.73 | 2.86 | 5.07 | 6.01 | 7.09 | 8.36 | 9.85 | 11.61 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.37 | -0.33 | -0.21 | -0.06 | -0.24 | -0.49 | -0.58 | -0.68 | -0.80 | -0.94 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 2.59 |
|---|---|
| Beta | 2.084 |
| Diluted Shares Outstanding | 7.76 |
| Cost of Debt | |
| Tax Rate | 6.42 |
| After-tax Cost of Debt | 3.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.178 |
| Total Debt | 9.32 |
| Total Equity | 20.11 |
| Total Capital | 29.43 |
| Debt Weighting | 31.68 |
| Equity Weighting | 68.32 |
| 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 | 26.78 | 21.43 | 23.20 | 27.36 | 45.25 | 53.35 | 62.90 | 74.16 | 87.43 | 103.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1.16 | 0.78 | 1.75 | 3.47 | 5.50 | 4.30 | 5.07 | 5.98 | 7.05 | 8.32 |
| EBIT | -0.45 | -0.60 | 0.30 | 1.94 | 4.36 | 1.44 | 1.70 | 2.01 | 2.37 | 2.79 |
| Tax Rate | 17.84% | -6.76% | 5.39% | 2.53% | 6.42% | 5.08% | 5.08% | 5.08% | 5.08% | 5.08% |
| EBIAT | -0.37 | -0.64 | 0.29 | 1.89 | 4.08 | 1.37 | 1.61 | 1.90 | 2.24 | 2.65 |
| Depreciation | 1.61 | 1.38 | 1.45 | 1.53 | 1.14 | 2.86 | 3.37 | 3.98 | 4.69 | 5.53 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | 0.78 | 0.61 | -0.47 | -7.08 | 0.30 | -2.11 | -2.48 | -2.93 | -3.45 |
| Accounts Payable | - | -0.18 | 0.08 | 0.14 | 2.21 | 0.94 | 1.08 | 1.27 | 1.50 | 1.76 |
| Capital Expenditure | -0.37 | -0.33 | -0.21 | -0.06 | -0.24 | -0.49 | -0.58 | -0.68 | -0.80 | -0.94 |
| UFCF | 0.86 | 1.01 | 2.22 | 3.02 | 0.10 | 4.99 | 3.38 | 3.99 | 4.70 | 5.54 |
| WACC | ||||||||||
| PV UFCF | 4.53 | 2.79 | 2.98 | 3.20 | 3.42 | |||||
| SUM PV UFCF | 16.92 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.14 |
| Free cash flow (t + 1) | 5.65 |
| Terminal Value | 69.46 |
| Present Value of Terminal Value | 42.86 |
Intrinsic Value
| Enterprise Value | 59.78 |
|---|---|
| Net Debt | 6.88 |
| Equity Value | 52.90 |
| Shares Outstanding | 7.76 |
| Equity Value Per Share | 6.81 |