Discounted Cash Flow (DCF) Analysis Unlevered

Les Hôtels Baverez S.A. (ALLHB.PA)

58.5 €

+0.50 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,774.06 | 58.5 | overvalue

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 32.1231.885.1613.3138.7564.36106.90177.55294.90489.80
Revenue (%)
EBITDA 5.764.92-5.991.1812.17-5.46-9.07-15.07-25.03-41.58
EBITDA (%)
EBIT 2.821.13-9.71-1.998.69-21.65-35.96-59.73-99.20-164.76
EBIT (%)
Depreciation 2.943.793.713.173.4716.1926.8944.6674.17123.19
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 10.4610.1810.5119.8630.2863.76105.90175.88292.12485.19
Total Cash (%)
Account Receivables 31.711.471.011.116.9011.4519.0231.5952.47
Account Receivables (%)
Inventories 0.410.460.340.340.381.652.744.557.5612.55
Inventories (%)
Accounts Payable 1.772.210.841.351.485.499.1215.1425.1541.77
Accounts Payable (%)
Capital Expenditure -5.40-2.71-2.63-3.38-9.84-16.34-27.14-45.08-74.87-124.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 58.5
Beta 0.224
Diluted Shares Outstanding 2.37
Cost of Debt
Tax Rate 15.06
After-tax Cost of Debt 3.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.342
Total Debt 19.92
Total Equity 138.63
Total Capital 158.55
Debt Weighting 12.56
Equity Weighting 87.44
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 32.1231.885.1613.3138.7564.36106.90177.55294.90489.80
EBITDA 5.764.92-5.991.1812.17-5.46-9.07-15.07-25.03-41.58
EBIT 2.821.13-9.71-1.998.69-21.65-35.96-59.73-99.20-164.76
Tax Rate -5.20%-1.00%-2.34%-428.47%15.06%-84.39%-84.39%-84.39%-84.39%-84.39%
EBIAT 2.971.15-9.94-10.517.38-39.92-66.31-110.13-182.92-303.81
Depreciation 2.943.793.713.173.4716.1926.8944.6674.17123.19
Accounts Receivable -1.280.250.45-0.10-5.78-4.56-7.57-12.57-20.88
Inventories --0.050.12-0-0.04-1.27-1.09-1.81-3.01-4.99
Accounts Payable -0.44-1.370.510.134.013.636.0310.0116.62
Capital Expenditure -5.40-2.71-2.63-3.38-1.68-16.34-27.14-45.08-74.87-124.35
UFCF 0.503.90-9.85-9.761.01-43.12-68.58-113.90-189.18-314.22
WACC
PV UFCF -41.01-62.05-98.03-154.87-244.68
SUM PV UFCF -600.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.13
Free cash flow (t + 1) -317.36
Terminal Value -7,684.25
Present Value of Terminal Value -5,983.68

Intrinsic Value

Enterprise Value -6,584.32
Net Debt -10.36
Equity Value -6,573.96
Shares Outstanding 2.37
Equity Value Per Share -2,774.06