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
Stock DCF: 6.81 | 2.59 | undervalue

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 26.7821.4323.2027.3645.2553.3562.9074.1687.43103.08
Revenue (%)
EBITDA 1.160.781.753.475.504.305.075.987.058.32
EBITDA (%)
EBIT -0.45-0.600.301.944.361.441.702.012.372.79
EBIT (%)
Depreciation 1.611.381.451.531.142.863.373.984.695.53
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 0.440.240.663.462.452.522.983.514.144.88
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 5.905.124.514.9812.0611.7613.8716.3519.2822.73
Inventories (%)
Accounts Payable 2.832.652.732.865.076.017.098.369.8511.61
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 26.7821.4323.2027.3645.2553.3562.9074.1687.43103.08
EBITDA 1.160.781.753.475.504.305.075.987.058.32
EBIT -0.45-0.600.301.944.361.441.702.012.372.79
Tax Rate 17.84%-6.76%5.39%2.53%6.42%5.08%5.08%5.08%5.08%5.08%
EBIAT -0.37-0.640.291.894.081.371.611.902.242.65
Depreciation 1.611.381.451.531.142.863.373.984.695.53
Accounts Receivable ----------
Inventories -0.780.61-0.47-7.080.30-2.11-2.48-2.93-3.45
Accounts Payable --0.180.080.142.210.941.081.271.501.76
Capital Expenditure -0.37-0.33-0.21-0.06-0.24-0.49-0.58-0.68-0.80-0.94
UFCF 0.861.012.223.020.104.993.383.994.705.54
WACC
PV UFCF 4.532.792.983.203.42
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