Discounted Cash Flow (DCF) Analysis Unlevered
Safe Orthopaedics SA (ALSAF.PA)
0.01 €
-0.00 (-8.26%)
All numbers are in Millions, Currency in USD
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 | 3.11 | 3.47 | 4.79 | 3.68 | 4.56 | 5.14 | 5.78 | 6.51 | 7.33 | 8.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -6.14 | -5.84 | -6.36 | -6.88 | -5.20 | -8.21 | -9.24 | -10.41 | -11.72 | -13.19 |
| EBITDA (%) | ||||||||||
| EBIT | -6.49 | -6.15 | -6.79 | -7.45 | -6.07 | -8.86 | -9.98 | -11.23 | -12.65 | -14.24 |
| EBIT (%) | ||||||||||
| Depreciation | 0.35 | 0.31 | 0.43 | 0.57 | 0.87 | 0.65 | 0.73 | 0.83 | 0.93 | 1.05 |
| 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 | 3.74 | 3.16 | 0.12 | 2.44 | 0.91 | 3.08 | 3.47 | 3.91 | 4.40 | 4.95 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.47 | 2.24 | 2.68 | 2.06 | 2.55 | 2.87 | 3.23 | 3.64 | 4.10 | 4.61 |
| Account Receivables (%) | ||||||||||
| Inventories | 1.96 | 2.44 | 2.15 | 2.92 | 3.64 | 3.46 | 3.90 | 4.39 | 4.94 | 5.56 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.94 | 1.45 | 2.15 | 1.81 | 1.89 | 2.13 | 2.40 | 2.70 | 3.04 | 3.42 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.09 | -0.12 | -0.45 | -0.55 | -1.96 | -0.76 | -0.85 | -0.96 | -1.08 | -1.21 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.01 |
|---|---|
| Beta | 1.084 |
| Diluted Shares Outstanding | 0.02 |
| Cost of Debt | |
| Tax Rate | -9.53 |
| After-tax Cost of Debt | 7.20% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.371 |
| Total Debt | 8.86 |
| Total Equity | 0 |
| Total Capital | 8.86 |
| Debt Weighting | 100.00 |
| Equity Weighting | 0.00 |
| 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 | 3.11 | 3.47 | 4.79 | 3.68 | 4.56 | 5.14 | 5.78 | 6.51 | 7.33 | 8.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -6.14 | -5.84 | -6.36 | -6.88 | -5.20 | -8.21 | -9.24 | -10.41 | -11.72 | -13.19 |
| EBIT | -6.49 | -6.15 | -6.79 | -7.45 | -6.07 | -8.86 | -9.98 | -11.23 | -12.65 | -14.24 |
| Tax Rate | 0.00% | 0.02% | -14.83% | -10.34% | -9.53% | -6.94% | -6.94% | -6.94% | -6.94% | -6.94% |
| EBIAT | -6.49 | -6.15 | -7.79 | -8.22 | -6.65 | -9.48 | -10.67 | -12.01 | -13.52 | -15.23 |
| Depreciation | 0.35 | 0.31 | 0.43 | 0.57 | 0.87 | 0.65 | 0.73 | 0.83 | 0.93 | 1.05 |
| Accounts Receivable | - | -0.77 | -0.44 | 0.62 | -0.49 | -0.32 | -0.36 | -0.41 | -0.46 | -0.52 |
| Inventories | - | -0.47 | 0.29 | -0.77 | -0.72 | 0.18 | -0.44 | -0.49 | -0.55 | -0.62 |
| Accounts Payable | - | 0.52 | 0.69 | -0.33 | 0.07 | 0.24 | 0.27 | 0.30 | 0.34 | 0.38 |
| Capital Expenditure | -0.09 | -0.12 | -0.45 | -0.55 | -1.96 | -0.76 | -0.85 | -0.96 | -1.08 | -1.21 |
| UFCF | -6.23 | -6.69 | -7.28 | -8.68 | -8.87 | -9.48 | -11.31 | -12.74 | -14.34 | -16.15 |
| WACC | ||||||||||
| PV UFCF | -8.85 | -9.85 | -10.34 | -10.86 | -11.41 | |||||
| SUM PV UFCF | -51.30 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.20 |
| Free cash flow (t + 1) | -16.47 |
| Terminal Value | -316.74 |
| Present Value of Terminal Value | -223.73 |
Intrinsic Value
| Enterprise Value | -275.03 |
|---|---|
| Net Debt | 7.95 |
| Equity Value | -282.98 |
| Shares Outstanding | 0.02 |
| Equity Value Per Share | -18,689.68 |