Discounted Cash Flow (DCF) Analysis Unlevered

TXCOM Société Anonyme (ALTXC.PA)

8.8 €

+0.25 (+2.92%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.85 | 8.8 | 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 9.089.7711.3513.1213.6215.0916.7218.5320.5322.75
Revenue (%)
EBITDA 1.561.821.880.892.432.322.572.853.163.50
EBITDA (%)
EBIT 0.911.211.410.522.021.621.791.982.202.44
EBIT (%)
Depreciation 0.650.610.470.370.420.710.780.870.961.07
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 5.316.776.666.538.719.0610.0411.1312.3313.66
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 1.421.192.332.432.462.562.843.153.483.86
Inventories (%)
Accounts Payable 0.920.621.451.162.061.611.781.972.182.42
Accounts Payable (%)
Capital Expenditure -0.37-0.12-0.31-0.24-0.33-0.37-0.41-0.45-0.50-0.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.8
Beta 0.498
Diluted Shares Outstanding 79.87
Cost of Debt
Tax Rate 24.81
After-tax Cost of Debt 0.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.182
Total Debt 1.40
Total Equity 702.83
Total Capital 704.24
Debt Weighting 0.20
Equity Weighting 99.80
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 9.089.7711.3513.1213.6215.0916.7218.5320.5322.75
EBITDA 1.561.821.880.892.432.322.572.853.163.50
EBIT 0.911.211.410.522.021.621.791.982.202.44
Tax Rate 23.46%21.65%29.08%37.31%24.81%27.26%27.26%27.26%27.26%27.26%
EBIAT 0.690.9510.321.521.181.301.441.601.77
Depreciation 0.650.610.470.370.420.710.780.870.961.07
Accounts Receivable ----------
Inventories -0.22-1.14-0.09-0.03-0.10-0.28-0.31-0.34-0.38
Accounts Payable --0.300.84-0.290.89-0.450.170.190.210.24
Capital Expenditure -0.37-0.12-0.31-0.24-0.33-0.37-0.41-0.45-0.50-0.56
UFCF 0.981.370.860.072.460.961.571.741.932.14
WACC
PV UFCF 0.911.421.501.581.66
SUM PV UFCF 7.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.17
Free cash flow (t + 1) 2.18
Terminal Value 68.89
Present Value of Terminal Value 53.54

Intrinsic Value

Enterprise Value 60.62
Net Debt -7.31
Equity Value 67.93
Shares Outstanding 79.87
Equity Value Per Share 0.85