Discounted Cash Flow (DCF) Analysis Unlevered

Altarea SCA (ALTA.PA)

127.6 €

+4.80 (+3.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 178.41 | 127.6 | 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 1,939.502,405.603,109.803,056.203,029.803,413.963,846.844,334.594,884.205,503.49
Revenue (%)
EBITDA 406.70357.40372.20-163.90328.70363.80409.93461.90520.47586.46
EBITDA (%)
EBIT 395.90345339.60-198.80281.10330.79372.74420473.25533.26
EBIT (%)
Depreciation 10.8012.4032.6034.9047.603337.1941.9047.2253.20
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 1,169.10678.50830.201,277.501,625.501,438.171,620.521,825.992,057.522,318.40
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1,288.80986.401,064.50859.30922.601,367.311,540.681,736.031,956.152,204.17
Inventories (%)
Accounts Payable 511.40730.801,019.601,094.401,0081,082.991,220.311,375.041,549.391,745.84
Accounts Payable (%)
Capital Expenditure -125.70-195.90-185.90-24.20-17.20-149.95-168.97-190.39-214.53-241.73
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 127.6
Beta 1.379
Diluted Shares Outstanding 18.42
Cost of Debt
Tax Rate 23.36
After-tax Cost of Debt 0.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.313
Total Debt 4,398.80
Total Equity 2,350.91
Total Capital 6,749.71
Debt Weighting 65.17
Equity Weighting 34.83
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 1,939.502,405.603,109.803,056.203,029.803,413.963,846.844,334.594,884.205,503.49
EBITDA 406.70357.40372.20-163.90328.70363.80409.93461.90520.47586.46
EBIT 395.90345339.60-198.80281.10330.79372.74420473.25533.26
Tax Rate 35.21%21.25%14.21%34.36%23.36%25.68%25.68%25.68%25.68%25.68%
EBIAT 256.52271.68291.35-130.48215.43245.85277.03312.15351.73396.33
Depreciation 10.8012.4032.6034.9047.603337.1941.9047.2253.20
Accounts Receivable ----------
Inventories -302.40-78.10205.20-63.30-444.71-173.37-195.35-220.12-248.03
Accounts Payable -219.40288.8074.80-86.4074.99137.32154.73174.35196.45
Capital Expenditure -125.70-195.90-185.90-24.20-17.20-149.95-168.97-190.39-214.53-241.73
UFCF 141.62609.98348.75160.2296.13-240.81109.20123.04138.64156.22
WACC
PV UFCF -231.06100.53108.69117.52127.05
SUM PV UFCF 222.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.22
Free cash flow (t + 1) 159.35
Terminal Value 7,177.77
Present Value of Terminal Value 5,837.60

Intrinsic Value

Enterprise Value 6,060.33
Net Debt 2,773.30
Equity Value 3,287.03
Shares Outstanding 18.42
Equity Value Per Share 178.41