Discounted Cash Flow (DCF) Analysis Unlevered

Vente-Unique.com SA (ALVU.PA)

14.5 €

-0.25 (-1.69%)
All numbers are in Millions, Currency in USD
Stock DCF: 13.45 | 14.5 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 95.84118.85163.46143.41162.26187.58216.86250.70289.82335.04
Revenue (%)
EBITDA 5.449.1220.816.4617.1915.4517.8620.6523.8727.59
EBITDA (%)
EBIT 4.727.9119.534.6810.5712.5014.4516.7019.3122.32
EBIT (%)
Depreciation 0.721.211.281.786.622.953.413.944.565.27
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 10.3917.9922.7918.8927.7026.3230.4335.1840.6747.02
Total Cash (%)
Account Receivables 6.907.885.605.884.319.0110.4112.0313.9116.08
Account Receivables (%)
Inventories 17.4018.8823.9230.8827.9732.8037.9243.8450.6858.59
Inventories (%)
Accounts Payable 14.8515.9713.9818.7415.7222.6026.1330.2034.9240.36
Accounts Payable (%)
Capital Expenditure -1.61-1.45-1.70-1.74-4.86-3.06-3.53-4.08-4.72-5.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 14.5
Beta 1.453
Diluted Shares Outstanding 9.86
Cost of Debt
Tax Rate 26.14
After-tax Cost of Debt 3.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.143
Total Debt 21.55
Total Equity 142.94
Total Capital 164.49
Debt Weighting 13.10
Equity Weighting 86.90
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 95.84118.85163.46143.41162.26187.58216.86250.70289.82335.04
EBITDA 5.449.1220.816.4617.1915.4517.8620.6523.8727.59
EBIT 4.727.9119.534.6810.5712.5014.4516.7019.3122.32
Tax Rate 39.44%39.07%26.43%34.35%26.14%33.09%33.09%33.09%33.09%33.09%
EBIAT 2.864.8214.373.077.818.369.6711.1812.9214.94
Depreciation 0.721.211.281.786.622.953.413.944.565.27
Accounts Receivable --0.982.28-0.281.56-4.69-1.41-1.62-1.88-2.17
Inventories --1.48-5.04-6.962.91-4.84-5.12-5.92-6.84-7.91
Accounts Payable -1.12-1.994.76-3.016.883.534.084.715.45
Capital Expenditure -1.61-1.45-1.70-1.74-4.86-3.06-3.53-4.08-4.72-5.46
UFCF 1.973.249.190.6311.035.616.557.578.7510.12
WACC
PV UFCF 5.095.405.675.966.26
SUM PV UFCF 28.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.10
Free cash flow (t + 1) 10.47
Terminal Value 158.70
Present Value of Terminal Value 98.09

Intrinsic Value

Enterprise Value 126.47
Net Debt -6.16
Equity Value 132.63
Shares Outstanding 9.86
Equity Value Per Share 13.45