Discounted Cash Flow (DCF) Analysis Unlevered

Umanis SA (ALUMS.PA)

17.15 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.39 | 17.15 | 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 191.07206.74219.22214.87245.95262.38279.91298.61318.55339.83
Revenue (%)
EBITDA 27.8315.4919.2726.3928.1128.6330.5432.5834.7637.08
EBITDA (%)
EBIT 23.9515.6212.5920.0120.7122.8624.3926.0127.7529.61
EBIT (%)
Depreciation 3.88-0.136.686.397.405.776.166.577.017.47
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 19.0624.4512.9665.8130.4037.1039.5842.2245.0448.05
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.010.010.010.010.010.010.010.010.010.01
Inventories (%)
Accounts Payable 5.049.7710.8211.4413.2012.0712.8713.7314.6515.63
Accounts Payable (%)
Capital Expenditure -2.64-2.62-1.49-0.53-1.12-2.12-2.26-2.41-2.57-2.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 17.15
Beta 0.858
Diluted Shares Outstanding 18.55
Cost of Debt
Tax Rate 27.49
After-tax Cost of Debt 2.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.521
Total Debt 65.71
Total Equity 318.20
Total Capital 383.91
Debt Weighting 17.12
Equity Weighting 82.88
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 191.07206.74219.22214.87245.95262.38279.91298.61318.55339.83
EBITDA 27.8315.4919.2726.3928.1128.6330.5432.5834.7637.08
EBIT 23.9515.6212.5920.0120.7122.8624.3926.0127.7529.61
Tax Rate 13.95%20.72%25.47%18.88%27.49%21.30%21.30%21.30%21.30%21.30%
EBIAT 20.6112.389.3816.2315.0117.9919.1920.4721.8423.30
Depreciation 3.88-0.136.686.397.405.776.166.577.017.47
Accounts Receivable ----------
Inventories --0-00-0-0-0-0-0-0
Accounts Payable -4.721.060.621.76-1.130.810.860.920.98
Capital Expenditure -2.64-2.62-1.49-0.53-1.12-2.12-2.26-2.41-2.57-2.74
UFCF 21.8414.3615.6322.7023.0520.5123.9025.4927.1929.01
WACC
PV UFCF 19.2321212121.01
SUM PV UFCF 103.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.67
Free cash flow (t + 1) 29.59
Terminal Value 633.64
Present Value of Terminal Value 458.81

Intrinsic Value

Enterprise Value 562.05
Net Debt 35.31
Equity Value 526.73
Shares Outstanding 18.55
Equity Value Per Share 28.39