Discounted Cash Flow (DCF) Analysis Unlevered
Streamwide S.A. (ALSTW.PA)
14.9 €
+0.05 (+0.34%)
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 | 5.75 | 6.76 | 10.21 | 13.96 | 16.72 | 21.95 | 28.81 | 37.81 | 49.63 | 65.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.31 | 1.63 | 3.89 | 6.79 | 9.16 | 7.03 | 9.23 | 12.11 | 15.90 | 20.87 |
| EBITDA (%) | ||||||||||
| EBIT | -2.83 | -0.86 | 1.29 | 3.74 | 5.23 | 0.38 | 0.50 | 0.66 | 0.86 | 1.13 |
| EBIT (%) | ||||||||||
| Depreciation | 2.52 | 2.49 | 2.60 | 3.05 | 3.93 | 6.65 | 8.73 | 11.46 | 15.04 | 19.74 |
| 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 | 4.51 | 2.66 | 4.01 | 9.54 | 8.20 | 12.04 | 15.81 | 20.75 | 27.23 | 35.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.50 | 0.55 | 0.68 | 0.90 | 1.08 | 1.60 | 2.10 | 2.75 | 3.61 | 4.74 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.52 | -3.07 | -4.12 | -4.98 | -6.38 | -8.93 | -11.72 | -15.38 | -20.19 | -26.49 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 14.9 |
|---|---|
| Beta | 0.744 |
| Diluted Shares Outstanding | 2.95 |
| Cost of Debt | |
| Tax Rate | 20.57 |
| After-tax Cost of Debt | 1.46% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.223 |
| Total Debt | 3.74 |
| Total Equity | 43.90 |
| Total Capital | 47.64 |
| Debt Weighting | 7.86 |
| Equity Weighting | 92.14 |
| 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 | 5.75 | 6.76 | 10.21 | 13.96 | 16.72 | 21.95 | 28.81 | 37.81 | 49.63 | 65.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.31 | 1.63 | 3.89 | 6.79 | 9.16 | 7.03 | 9.23 | 12.11 | 15.90 | 20.87 |
| EBIT | -2.83 | -0.86 | 1.29 | 3.74 | 5.23 | 0.38 | 0.50 | 0.66 | 0.86 | 1.13 |
| Tax Rate | 2.80% | -7.85% | 4.01% | 10.42% | 20.57% | 5.99% | 5.99% | 5.99% | 5.99% | 5.99% |
| EBIAT | -2.75 | -0.93 | 1.24 | 3.35 | 4.15 | 0.36 | 0.47 | 0.62 | 0.81 | 1.07 |
| Depreciation | 2.52 | 2.49 | 2.60 | 3.05 | 3.93 | 6.65 | 8.73 | 11.46 | 15.04 | 19.74 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.05 | 0.13 | 0.22 | 0.18 | 0.52 | 0.50 | 0.65 | 0.86 | 1.13 |
| Capital Expenditure | -2.52 | -3.06 | -4.12 | -4.99 | -6.38 | -8.93 | -11.72 | -15.38 | -20.19 | -26.49 |
| UFCF | -2.75 | -1.46 | -0.16 | 1.63 | 1.88 | -1.40 | -2.02 | -2.65 | -3.48 | -4.56 |
| WACC | ||||||||||
| PV UFCF | -1.31 | -1.77 | -2.18 | -2.68 | -3.29 | |||||
| SUM PV UFCF | -11.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.77 |
| Free cash flow (t + 1) | -4.66 |
| Terminal Value | -97.60 |
| Present Value of Terminal Value | -70.34 |
Intrinsic Value
| Enterprise Value | -81.56 |
|---|---|
| Net Debt | -4.46 |
| Equity Value | -77.11 |
| Shares Outstanding | 2.95 |
| Equity Value Per Share | -26.17 |