Discounted Cash Flow (DCF) Analysis Unlevered

ADLPartner SA (ALP.PA)

17.55 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 77.60 | 17.55 | undervalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 122.30124.20124.99138.64139.31144.04148.94154159.23164.65
Revenue (%)
EBITDA 9.408.1317.1614.8512.1413.6514.1214.5915.0915.60
EBITDA (%)
EBIT 8.646.8014.717.719.6110.5910.9511.3211.7112.11
EBIT (%)
Depreciation 0.751.342.457.152.533.063.163.273.383.50
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 29.2332.1835.1929.3242.4737.3438.6139.9241.2742.68
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 3.261.642.052.651.372.462.542.632.712.81
Inventories (%)
Accounts Payable 43.5246.2842.4343.6549.9050.1651.8653.6255.4557.33
Accounts Payable (%)
Capital Expenditure -0.50-1.17-2.38-2.15-2.21-1.84-1.90-1.97-2.04-2.11
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.55
Beta 0.921
Diluted Shares Outstanding 4.08
Cost of Debt
Tax Rate 28.70
After-tax Cost of Debt 0.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.194
Total Debt 25.38
Total Equity 71.60
Total Capital 96.98
Debt Weighting 26.17
Equity Weighting 73.83
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 122.30124.20124.99138.64139.31144.04148.94154159.23164.65
EBITDA 9.408.1317.1614.8512.1413.6514.1214.5915.0915.60
EBIT 8.646.8014.717.719.6110.5910.9511.3211.7112.11
Tax Rate 39.73%28.55%33.38%29.66%28.70%32.00%32.00%32.00%32.00%32.00%
EBIAT 5.214.869.805.426.857.207.457.707.968.23
Depreciation 0.751.342.457.152.533.063.163.273.383.50
Accounts Receivable ----------
Inventories -1.62-0.41-0.591.28-1.09-0.08-0.09-0.09-0.09
Accounts Payable -2.76-3.861.226.250.251.701.761.821.88
Capital Expenditure -0.50-1.17-2.38-2.15-2.21-1.84-1.90-1.97-2.04-2.11
UFCF 5.469.405.6111.0514.707.5910.3310.6811.0411.42
WACC
PV UFCF 7.199.289.108.928.74
SUM PV UFCF 43.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.48
Free cash flow (t + 1) 11.64
Terminal Value 334.62
Present Value of Terminal Value 256.27

Intrinsic Value

Enterprise Value 299.50
Net Debt -17.09
Equity Value 316.60
Shares Outstanding 4.08
Equity Value Per Share 77.60