Discounted Cash Flow (DCF) Analysis Unlevered

Amundi S.A. (AMUN.PA)

54.35 €

+0.30 (+0.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 201.83 | 54.35 | 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 3,947.254,803.704,725.224,571.815,790.596,419.977,117.757,891.378,749.089,700.01
Revenue (%)
EBITDA 1,008.911,211.051,403.111,354.221,770.481,806.082,002.382,220.012,461.312,728.82
EBITDA (%)
EBIT 986.361,183.541,325.041,276.741,712.341,735.521,924.152,133.292,365.152,622.22
EBIT (%)
Depreciation 22.5527.5178.0777.4858.1470.5678.2286.7396.15106.60
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 19.76272.57353.282,961.333,151.851,705.861,891.262,096.822,324.722,577.40
Total Cash (%)
Account Receivables 1,935.252,089.061,571.871,916.832,427.842,691.722,984.283,308.643,668.254,066.95
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 790.43547.37633.20759.251,643.251,153.091,278.421,417.371,571.431,742.22
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 $ 54.35
Beta 1.298
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 9.620
Total Debt 10,356.05
Total Equity 10,990.40
Total Capital 21,346.45
Debt Weighting 48.51
Equity Weighting 51.49
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 3,947.254,803.704,725.224,571.815,790.596,419.977,117.757,891.378,749.089,700.01
EBITDA 1,008.911,211.051,403.111,354.221,770.481,806.082,002.382,220.012,461.312,728.82
EBIT 986.361,183.541,325.041,276.741,712.341,735.521,924.152,133.292,365.152,622.22
Tax Rate 29.55%26.40%25.93%25.64%17.40%24.98%24.98%24.98%24.98%24.98%
EBIAT 694.86871.14981.51949.351,414.461,301.941,443.451,600.341,774.281,967.12
Depreciation 22.5527.5178.0777.4858.1470.5678.2286.7396.15106.60
Accounts Receivable --153.81517.18-344.96-511-263.88-292.56-324.36-359.61-398.70
Inventories ----------
Accounts Payable --243.0685.82126.05884.01-490.16125.33138.95154.05170.80
Capital Expenditure -20.27-18.74-45.34-56.41-47.32-50.26-55.72-61.78-68.49-75.94
UFCF 697.14483.041,617.25751.521,798.28568.201,298.721,439.881,596.381,769.89
WACC
PV UFCF 540.371,174.621,238.511,305.871,376.89
SUM PV UFCF 5,636.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.15
Free cash flow (t + 1) 1,805.29
Terminal Value 57,310.68
Present Value of Terminal Value 44,585.04

Intrinsic Value

Enterprise Value 50,221.30
Net Debt 9,408.39
Equity Value 40,812.91
Shares Outstanding 202.22
Equity Value Per Share 201.83