Discounted Cash Flow (DCF) Analysis Unlevered

Amundi S.A. (AMUN.PA)

63.9 €

+2.95 (+4.84%)

All numbers are in Millions, Currency in USD

Stock DCF: 178.20 | 63.9 | 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	3,947.25	4,803.70	4,725.22	4,571.81	5,790.59	6,419.97	7,117.75	7,891.37	8,749.08	9,700.01
Revenue (%)
EBITDA	1,008.91	1,211.05	1,403.11	1,354.22	1,770.48	1,806.08	2,002.38	2,220.01	2,461.31	2,728.82
EBITDA (%)
EBIT	986.36	1,183.54	1,325.04	1,276.74	1,712.34	1,735.52	1,924.15	2,133.29	2,365.15	2,622.22
EBIT (%)
Depreciation	22.55	27.51	78.07	77.48	58.14	70.56	78.22	86.73	96.15	106.60
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	19.76	272.57	353.28	2,961.33	3,151.85	1,705.86	1,891.26	2,096.82	2,324.72	2,577.40
Total Cash (%)
Account Receivables	1,935.25	2,089.06	1,571.87	1,916.83	2,427.84	2,691.72	2,984.28	3,308.64	3,668.25	4,066.95
Account Receivables (%)
Inventories	-	-	-	-	-	-	-	-	-	-
Inventories (%)
Accounts Payable	790.43	547.37	633.20	759.25	1,643.25	1,153.09	1,278.42	1,417.37	1,571.43	1,742.22
Accounts Payable (%)
Capital Expenditure	-20.27	-18.74	-45.34	-56.41	-47.32	-50.26	-55.72	-61.78	-68.49	-75.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 63.9
Beta	1.302
Diluted Shares Outstanding	202.22
Cost of Debt
Tax Rate	17.40
After-tax Cost of Debt	0.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.534
Total Debt	10,356.05
Total Equity	12,921.56
Total Capital	23,277.61
Debt Weighting	44.49
Equity Weighting	55.51
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	3,947.25	4,803.70	4,725.22	4,571.81	5,790.59	6,419.97	7,117.75	7,891.37	8,749.08	9,700.01
EBITDA	1,008.91	1,211.05	1,403.11	1,354.22	1,770.48	1,806.08	2,002.38	2,220.01	2,461.31	2,728.82
EBIT	986.36	1,183.54	1,325.04	1,276.74	1,712.34	1,735.52	1,924.15	2,133.29	2,365.15	2,622.22
Tax Rate	29.55%	26.40%	25.93%	25.64%	17.40%	24.98%	24.98%	24.98%	24.98%	24.98%
EBIAT	694.86	871.14	981.51	949.35	1,414.46	1,301.94	1,443.45	1,600.34	1,774.28	1,967.12
Depreciation	22.55	27.51	78.07	77.48	58.14	70.56	78.22	86.73	96.15	106.60
Accounts Receivable	-	-153.81	517.18	-344.96	-511	-263.88	-292.56	-324.36	-359.61	-398.70
Inventories	-	-	-	-	-	-	-	-	-	-
Accounts Payable	-	-243.06	85.82	126.05	884.01	-490.16	125.33	138.95	154.05	170.80
Capital Expenditure	-20.27	-18.74	-45.34	-56.41	-47.32	-50.26	-55.72	-61.78	-68.49	-75.94
UFCF	697.14	483.04	1,617.25	751.52	1,798.28	568.20	1,298.72	1,439.88	1,596.38	1,769.89
WACC
PV UFCF						538.73	1,167.50	1,227.27	1,290.09	1,356.13
SUM PV UFCF										5,579.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.47
Free cash flow (t + 1)	1,805.29
Terminal Value	52,025.54
Present Value of Terminal Value	39,863.18

Intrinsic Value

Enterprise Value	45,442.90
Net Debt	9,408.39
Equity Value	36,034.51
Shares Outstanding	202.22
Equity Value Per Share	178.20