Discounted Cash Flow (DCF) Analysis Unlevered
Piscines Desjoyaux SA (ALPDX.PA)
12.45 €
-0.05 (-0.40%)
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 | 92.27 | 103.16 | 115.51 | 161.21 | 160.54 | 185.80 | 215.02 | 248.84 | 287.99 | 333.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.79 | 20.23 | 25.58 | 41.11 | 34.96 | 38.63 | 44.71 | 51.74 | 59.88 | 69.30 |
| EBITDA (%) | ||||||||||
| EBIT | 7.78 | 14.53 | 20.47 | 35.25 | 28.61 | 29.70 | 34.37 | 39.78 | 46.03 | 53.27 |
| EBIT (%) | ||||||||||
| Depreciation | 6.01 | 5.70 | 5.12 | 5.86 | 6.35 | 8.94 | 10.34 | 11.97 | 13.85 | 16.03 |
| 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 | 19.54 | 27.51 | 38.42 | 66.67 | 75.58 | 63 | 72.91 | 84.38 | 97.65 | 113.01 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 13.62 | 15.20 | 14.87 | 20.44 | 23.97 | 26.01 | 30.10 | 34.83 | 40.31 | 46.65 |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.97 | 8.70 | 11.51 | 14.75 | 12.05 | 16.23 | 18.79 | 21.74 | 25.16 | 29.12 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -6.56 | -4.80 | -8.05 | -9.01 | -9.55 | -11.24 | -13.01 | -15.06 | -17.43 | -20.17 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 12.45 |
|---|---|
| Beta | 1.026 |
| Diluted Shares Outstanding | 8.98 |
| Cost of Debt | |
| Tax Rate | 25.38 |
| After-tax Cost of Debt | 0.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.654 |
| Total Debt | 40.38 |
| Total Equity | 111.86 |
| Total Capital | 152.24 |
| Debt Weighting | 26.53 |
| Equity Weighting | 73.47 |
| 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 | 92.27 | 103.16 | 115.51 | 161.21 | 160.54 | 185.80 | 215.02 | 248.84 | 287.99 | 333.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.79 | 20.23 | 25.58 | 41.11 | 34.96 | 38.63 | 44.71 | 51.74 | 59.88 | 69.30 |
| EBIT | 7.78 | 14.53 | 20.47 | 35.25 | 28.61 | 29.70 | 34.37 | 39.78 | 46.03 | 53.27 |
| Tax Rate | 33.11% | 31.48% | 31.02% | 27.41% | 25.38% | 29.68% | 29.68% | 29.68% | 29.68% | 29.68% |
| EBIAT | 5.20 | 9.96 | 14.12 | 25.59 | 21.35 | 20.88 | 24.17 | 27.97 | 32.37 | 37.46 |
| Depreciation | 6.01 | 5.70 | 5.12 | 5.86 | 6.35 | 8.94 | 10.34 | 11.97 | 13.85 | 16.03 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -1.58 | 0.33 | -5.57 | -3.52 | -2.04 | -4.09 | -4.73 | -5.48 | -6.34 |
| Accounts Payable | - | 0.73 | 2.81 | 3.24 | -2.70 | 4.18 | 2.55 | 2.96 | 3.42 | 3.96 |
| Capital Expenditure | -6.56 | -4.80 | -8.05 | -9.01 | -9.55 | -11.24 | -13.01 | -15.06 | -17.43 | -20.17 |
| UFCF | 4.65 | 10 | 14.33 | 20.11 | 11.93 | 20.72 | 19.96 | 23.10 | 26.73 | 30.94 |
| WACC | ||||||||||
| PV UFCF | 19.47 | 17.63 | 19.17 | 20.85 | 22.68 | |||||
| SUM PV UFCF | 99.80 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.41 |
| Free cash flow (t + 1) | 31.56 |
| Terminal Value | 715.58 |
| Present Value of Terminal Value | 524.50 |
Intrinsic Value
| Enterprise Value | 624.30 |
|---|---|
| Net Debt | -32.29 |
| Equity Value | 656.59 |
| Shares Outstanding | 8.98 |
| Equity Value Per Share | 73.08 |