Discounted Cash Flow (DCF) Analysis Unlevered

Reworld Media Société Anonyme (ALREW.PA)

5.4 €

-0.20 (-3.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 74.61 | 5.4 | 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 185.59177.52294.35424.66469.84606.53782.991,010.781,304.851,684.48
Revenue (%)
EBITDA 7.5112.6958.0228.9945.9657.6474.4196.05124160.08
EBITDA (%)
EBIT 2.989.0125.5612.6953.7836.1446.6660.2377.76100.38
EBIT (%)
Depreciation 4.533.6932.4516.30-7.8121.5027.7535.8246.2459.70
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 16.0916.5854.04104.11122.91105.59136.31175.96227.15293.24
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.070.063.092.483.863.073.965.126.608.53
Inventories (%)
Accounts Payable 42.4141.9155.3352.0651.59107.35138.58178.90230.94298.13
Accounts Payable (%)
Capital Expenditure -3.48-3.32-3.84-6.95-6.74-9.85-12.72-16.42-21.19-27.36
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.4
Beta 0.855
Diluted Shares Outstanding 55.42
Cost of Debt
Tax Rate 28.86
After-tax Cost of Debt 1.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.551
Total Debt 151.47
Total Equity 299.29
Total Capital 450.77
Debt Weighting 33.60
Equity Weighting 66.40
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 185.59177.52294.35424.66469.84606.53782.991,010.781,304.851,684.48
EBITDA 7.5112.6958.0228.9945.9657.6474.4196.05124160.08
EBIT 2.989.0125.5612.6953.7836.1446.6660.2377.76100.38
Tax Rate 50.99%6.11%-17.70%58.34%28.86%25.32%25.32%25.32%25.32%25.32%
EBIAT 1.468.4630.095.2938.2626.9934.8544.9858.0774.96
Depreciation 4.533.6932.4516.30-7.8121.5027.7535.8246.2459.70
Accounts Receivable ----------
Inventories -0.01-3.030.61-1.380.79-0.89-1.15-1.49-1.92
Accounts Payable --0.5013.42-3.28-0.4755.7631.2340.3252.0567.19
Capital Expenditure -3.48-3.32-3.84-6.95-6.74-9.85-12.72-16.42-21.19-27.36
UFCF 2.528.3469.1011.9621.8695.1880.21103.55133.68172.57
WACC
PV UFCF 90.1071.8887.84107.34131.17
SUM PV UFCF 488.32

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.64
Free cash flow (t + 1) 176.02
Terminal Value 4,835.71
Present Value of Terminal Value 3,675.52

Intrinsic Value

Enterprise Value 4,163.84
Net Debt 28.57
Equity Value 4,135.27
Shares Outstanding 55.42
Equity Value Per Share 74.61