Discounted Cash Flow (DCF) Analysis Unlevered

Artea SA (ARTE.PA)

20 €

-0.20 (-0.99%)
All numbers are in Millions, Currency in USD
Stock DCF: -Infinity | 20 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 73.0625.3633.55105.6978.33108.90151.40210.48292.63406.83
Revenue (%)
EBITDA 22.5124.3619.8618.7013.4148.1166.8892.99129.27179.73
EBITDA (%)
EBIT 20.7322.2916.9715.689.0742.0958.5181.35113.10157.24
EBIT (%)
Depreciation 1.782.082.893.034.346.028.3711.6316.1822.49
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 17.4317.1112.9922.4114.623751.4471.5199.42138.21
Total Cash (%)
Account Receivables -32.32136.9751.2166.28182.05253.10351.88489.21680.14
Account Receivables (%)
Inventories 17.2512.6617.8541.5338.6546.9065.2190.66126.03175.22
Inventories (%)
Accounts Payable 13.8820.2930.3938.3354.1764.2589.32124.19172.65240.03
Accounts Payable (%)
Capital Expenditure -2.80-17.04-16.77-9.47-17.88-33.28-46.26-64.32-89.42-124.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 20
Beta 0.496
Diluted Shares Outstanding -
Cost of Debt
Tax Rate -0.44
After-tax Cost of Debt 2.09%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.938
Total Debt 196.21
Total Equity -
Total Capital 196.21
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 73.0625.3633.55105.6978.33108.90151.40210.48292.63406.83
EBITDA 22.5124.3619.8618.7013.4148.1166.8892.99129.27179.73
EBIT 20.7322.2916.9715.689.0742.0958.5181.35113.10157.24
Tax Rate 40.10%39.38%19.29%17.69%-0.44%23.20%23.20%23.20%23.20%23.20%
EBIAT 12.4213.5113.7012.919.1132.3244.9462.4786.85120.75
Depreciation 1.782.082.893.034.346.028.3711.6316.1822.49
Accounts Receivable ---104.6685.76-15.06-115.78-71.05-98.78-137.33-190.92
Inventories -4.59-5.19-23.682.87-8.25-18.30-25.45-35.38-49.19
Accounts Payable -6.4110.107.9415.8410.0825.0734.8648.4767.38
Capital Expenditure -2.80-17.04-16.77-9.47-17.88-33.28-46.26-64.32-89.42-124.31
UFCF 11.399.54-99.9276.48-0.78-108.88-57.24-79.57-110.63-153.80
WACC
PV UFCF -106.65-54.92-74.79-101.84-138.69
SUM PV UFCF -476.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 2.09
Free cash flow (t + 1) -156.88
Terminal Value -174,311.85
Present Value of Terminal Value -157,184.92

Intrinsic Value

Enterprise Value -157,661.82
Net Debt 181.59
Equity Value -157,843.41
Shares Outstanding -
Equity Value Per Share -Infinity