Discounted Cash Flow (DCF) Analysis Unlevered

Erold Société anonyme (ALPLA.PA)

0.65 €

-0.00 (-0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.92 | 0.65 | overvalue

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 7.015.465.404.244.333.873.463.092.762.47
Revenue (%)
EBITDA 3.612.430.840.481.501.221.090.970.870.78
EBITDA (%)
EBIT 1.500.96-0.71-0.730.270.110.100.090.080.07
EBIT (%)
Depreciation 2.111.471.541.211.241.100.990.880.790.70
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 1.920.850.170.621.410.720.640.580.510.46
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.111.131.270.710.600.700.630.560.500.45
Accounts Payable (%)
Capital Expenditure -2.62-1.38-1.69-1.33-1.35-1.21-1.08-0.97-0.86-0.77
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.65
Beta 0.889
Diluted Shares Outstanding 6.11
Cost of Debt
Tax Rate 71.88
After-tax Cost of Debt 0.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.892
Total Debt 3.72
Total Equity 3.97
Total Capital 7.69
Debt Weighting 48.35
Equity Weighting 51.65
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 7.015.465.404.244.333.873.463.092.762.47
EBITDA 3.612.430.840.481.501.221.090.970.870.78
EBIT 1.500.96-0.71-0.730.270.110.100.090.080.07
Tax Rate -3.70%-6.67%170.40%12.97%71.88%48.98%48.98%48.98%48.98%48.98%
EBIAT 1.551.020.50-0.640.080.060.050.050.040.04
Depreciation 2.111.471.541.211.241.100.990.880.790.70
Accounts Receivable ----------
Inventories ----------
Accounts Payable -0.020.14-0.56-0.110.10-0.07-0.07-0.06-0.05
Capital Expenditure -2.62-1.38-1.69-1.33-1.35-1.21-1.08-0.97-0.86-0.77
UFCF 1.041.140.49-1.31-0.150.06-0.12-0.10-0.09-0.08
WACC
PV UFCF 0.05-0.11-0.09-0.08-0.07
SUM PV UFCF -0.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.27
Free cash flow (t + 1) -0.08
Terminal Value -3.74
Present Value of Terminal Value -3.03

Intrinsic Value

Enterprise Value -3.33
Net Debt 2.31
Equity Value -5.64
Shares Outstanding 6.11
Equity Value Per Share -0.92