Discounted Cash Flow (DCF) Analysis Unlevered

U10 Corp (ALU10.PA)

1.08 €

+0.03 (+2.37%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.71 | 1.08 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 181.39180.55145.58184.46183.86186.87189.94193.05196.21199.43
Revenue (%)
EBITDA 5.054.971.338.984.265.105.185.275.355.44
EBITDA (%)
EBIT 2.853.01-0.397.182.453.063.113.173.223.27
EBIT (%)
Depreciation 2.211.961.711.801.812.032.072.102.132.17
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 11.9320.6317.796.9417.5816.2816.5416.8117.0917.37
Total Cash (%)
Account Receivables 50.9641.823645.5219.3741.5642.2442.9343.6344.35
Account Receivables (%)
Inventories 67.0951.8147.7061.4866.6162.7963.8264.8765.9367.01
Inventories (%)
Accounts Payable 27.2522.3224.1626.5623.3026.5526.9927.4327.8828.34
Accounts Payable (%)
Capital Expenditure -1.25-1.33-0.71-1.22-0.65-1.09-1.11-1.13-1.15-1.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.08
Beta 0.727
Diluted Shares Outstanding 17.07
Cost of Debt
Tax Rate -5.62
After-tax Cost of Debt 4.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.716
Total Debt 48.87
Total Equity 18.44
Total Capital 67.30
Debt Weighting 72.61
Equity Weighting 27.39
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 181.39180.55145.58184.46183.86186.87189.94193.05196.21199.43
EBITDA 5.054.971.338.984.265.105.185.275.355.44
EBIT 2.853.01-0.397.182.453.063.113.173.223.27
Tax Rate 9.47%20.08%16.47%15.73%-5.62%11.23%11.23%11.23%11.23%11.23%
EBIAT 2.582.40-0.326.052.592.722.762.812.862.90
Depreciation 2.211.961.711.801.812.032.072.102.132.17
Accounts Receivable -9.145.82-9.5226.15-22.19-0.68-0.69-0.70-0.72
Inventories -15.284.11-13.78-5.133.82-1.03-1.05-1.06-1.08
Accounts Payable --4.931.842.41-3.273.260.440.440.450.46
Capital Expenditure -1.25-1.33-0.71-1.22-0.65-1.09-1.11-1.13-1.15-1.17
UFCF 3.5422.5312.45-14.2721.51-11.462.442.482.532.57
WACC
PV UFCF -10.892.212.132.061.99
SUM PV UFCF -2.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.22
Free cash flow (t + 1) 2.62
Terminal Value 81.30
Present Value of Terminal Value 63.03

Intrinsic Value

Enterprise Value 60.54
Net Debt 31.29
Equity Value 29.25
Shares Outstanding 17.07
Equity Value Per Share 1.71