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
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 |