Discounted Cash Flow (DCF) Analysis Unlevered

Vente-Unique.com SA (ALVU.PA)

9.58 €

-0.06 (-0.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.99 | 9.58 | 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 76.7887.2095.85118.85163.46198.21240.34291.42353.37428.48
Revenue (%)
EBITDA 5.445.095.449.0420.6915.4118.6822.6527.4733.30
EBITDA (%)
EBIT 4.464.454.727.8319.4113.6016.492024.2529.40
EBIT (%)
Depreciation 0.980.640.721.211.281.802.192.653.223.90
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 2.1011.2710.3917.9922.7922.0326.7232.3939.2847.63
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 12.6014.6417.4018.8823.9232.4539.3547.7157.8570.15
Inventories (%)
Accounts Payable 9.9310.3214.8515.9713.9824.6829.9236.284453.35
Accounts Payable (%)
Capital Expenditure -0.94-1.46-1.61-1.45-1.70-2.71-3.28-3.98-4.82-5.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.58
Beta 1.681
Diluted Shares Outstanding 9.66
Cost of Debt
Tax Rate 26.43
After-tax Cost of Debt 3.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.626
Total Debt 2.11
Total Equity 92.55
Total Capital 94.66
Debt Weighting 2.23
Equity Weighting 97.77
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 76.7887.2095.85118.85163.46198.21240.34291.42353.37428.48
EBITDA 5.445.095.449.0420.6915.4118.6822.6527.4733.30
EBIT 4.464.454.727.8319.4113.6016.492024.2529.40
Tax Rate 38.82%38.21%39.44%39.07%26.43%36.39%36.39%36.39%36.39%36.39%
EBIAT 2.732.752.864.7714.288.6510.4912.7215.4218.70
Depreciation 0.980.640.721.211.281.802.192.653.223.90
Accounts Receivable ----------
Inventories --2.04-2.76-1.48-5.04-8.53-6.90-8.36-10.14-12.30
Accounts Payable -0.394.531.12-1.9910.705.256.367.719.35
Capital Expenditure -0.94-1.46-1.61-1.45-1.70-2.71-3.28-3.98-4.82-5.85
UFCF 2.770.293.744.176.839.927.749.3911.3913.81
WACC
PV UFCF 8.906.246.797.388.03
SUM PV UFCF 37.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.44
Free cash flow (t + 1) 14.08
Terminal Value 149.19
Present Value of Terminal Value 86.80

Intrinsic Value

Enterprise Value 124.14
Net Debt -20.68
Equity Value 144.82
Shares Outstanding 9.66
Equity Value Per Share 14.99