Discounted Cash Flow (DCF) Analysis Unlevered

Nextedia S.A. (ALNXT.PA)

0.77 €

-0.01 (-1.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.73 | 0.77 | 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 17.0122.9724.8226.4650.8468.8693.27126.33171.11231.77
Revenue (%)
EBITDA 1.131.700.592.762.714.4368.1311.0114.91
EBITDA (%)
EBIT 1.061.530.642.422.494.065.507.4610.1013.68
EBIT (%)
Depreciation 0.060.17-0.040.340.210.370.500.670.911.23
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 1.512.141.847.4111.2110.4214.1119.1125.8935.06
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 3.292.953.086.5811.3112.6217.1023.1631.3742.49
Accounts Payable (%)
Capital Expenditure -0.04-0.11-0.13-0.06-0.07-0.22-0.30-0.40-0.55-0.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.77
Beta 1.126
Diluted Shares Outstanding 34.91
Cost of Debt
Tax Rate 44.62
After-tax Cost of Debt 0.48%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.819
Total Debt 6.91
Total Equity 26.88
Total Capital 33.79
Debt Weighting 20.46
Equity Weighting 79.54
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 17.0122.9724.8226.4650.8468.8693.27126.33171.11231.77
EBITDA 1.131.700.592.762.714.4368.1311.0114.91
EBIT 1.061.530.642.422.494.065.507.4610.1013.68
Tax Rate 12.66%5.50%28.90%8.37%44.62%20.01%20.01%20.01%20.01%20.01%
EBIAT 0.931.450.452.211.383.254.405.968.0810.94
Depreciation 0.060.17-0.040.340.210.370.500.670.911.23
Accounts Receivable ----------
Inventories ----------
Accounts Payable --0.330.133.504.731.324.486.068.2111.12
Capital Expenditure -0.04-0.11-0.13-0.06-0.07-0.22-0.30-0.40-0.55-0.74
UFCF 0.951.170.4166.254.729.0812.2916.6522.56
WACC
PV UFCF 4.407.9110.0112.6516
SUM PV UFCF 50.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.11
Free cash flow (t + 1) 23.01
Terminal Value 450.25
Present Value of Terminal Value 319.37

Intrinsic Value

Enterprise Value 370.35
Net Debt -4.30
Equity Value 374.65
Shares Outstanding 34.91
Equity Value Per Share 10.73