Discounted Cash Flow (DCF) Analysis Unlevered
Artea SA (ARTE.PA)
24.2 €
+1.00 (+4.31%)
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 | 22.90 | 73.06 | 25.36 | 33.55 | 105.69 | 211.68 | 423.94 | 849.06 | 1,700.48 | 3,405.70 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 9.32 | 21.01 | 21.87 | 20.83 | 22.46 | 101.17 | 202.62 | 405.80 | 812.72 | 1,627.70 |
EBITDA (%) | ||||||||||
EBIT | 8.58 | 19.23 | 19.79 | 17.94 | 19.43 | 90.45 | 181.16 | 362.82 | 726.66 | 1,455.33 |
EBIT (%) | ||||||||||
Depreciation | 0.74 | 1.78 | 2.08 | 2.89 | 3.03 | 10.71 | 21.46 | 42.97 | 86.06 | 172.37 |
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 | 13.15 | 17.43 | 17.11 | 12.99 | 22.41 | 88.33 | 176.91 | 354.32 | 709.63 | 1,421.23 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | - | - | - | - | - | - | - | - | - | - |
Account Receivables (%) | ||||||||||
Inventories | 45.18 | 17.25 | 12.66 | 17.85 | 41.53 | 153.81 | 308.04 | 616.95 | 1,235.61 | 2,474.65 |
Inventories (%) | ||||||||||
Accounts Payable | 12.76 | 13.88 | 20.29 | 30.39 | 38.33 | 119.20 | 238.73 | 478.12 | 957.57 | 1,917.81 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -15.82 | -11.97 | -21.58 | -16.77 | -9.47 | -97.16 | -194.58 | -389.70 | -780.49 | -1,563.15 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 24.2 |
---|---|
Beta | 0.540 |
Diluted Shares Outstanding | 107.49 |
Cost of Debt | |
Tax Rate | -20.14 |
After-tax Cost of Debt | 2.76% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.240 |
Total Debt | 155.23 |
Total Equity | 2,601.16 |
Total Capital | 2,756.39 |
Debt Weighting | 5.63 |
Equity Weighting | 94.37 |
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 | 22.90 | 73.06 | 25.36 | 33.55 | 105.69 | 211.68 | 423.94 | 849.06 | 1,700.48 | 3,405.70 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 9.32 | 21.01 | 21.87 | 20.83 | 22.46 | 101.17 | 202.62 | 405.80 | 812.72 | 1,627.70 |
EBIT | 8.58 | 19.23 | 19.79 | 17.94 | 19.43 | 90.45 | 181.16 | 362.82 | 726.66 | 1,455.33 |
Tax Rate | 25.69% | 40.10% | 39.38% | 19.29% | -20.14% | 20.87% | 20.87% | 20.87% | 20.87% | 20.87% |
EBIAT | 6.38 | 11.52 | 12 | 14.48 | 23.34 | 71.58 | 143.36 | 287.12 | 575.04 | 1,151.68 |
Depreciation | 0.74 | 1.78 | 2.08 | 2.89 | 3.03 | 10.71 | 21.46 | 42.97 | 86.06 | 172.37 |
Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
Inventories | - | 27.93 | 4.59 | -5.19 | -23.68 | -112.28 | -154.24 | -308.90 | -618.66 | -1,239.05 |
Accounts Payable | - | 1.12 | 6.41 | 10.10 | 7.94 | 80.87 | 119.53 | 239.39 | 479.45 | 960.24 |
Capital Expenditure | -15.82 | -11.97 | -21.58 | -16.77 | -9.47 | -97.16 | -194.58 | -389.70 | -780.49 | -1,563.15 |
UFCF | -8.71 | 30.38 | 3.49 | 5.51 | 1.16 | -46.27 | -64.47 | -129.12 | -258.60 | -517.91 |
WACC | ||||||||||
PV UFCF | -43.64 | -57.33 | -108.29 | -204.52 | -386.29 | |||||
SUM PV UFCF | -800.07 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.04 |
Free cash flow (t + 1) | -528.27 |
Terminal Value | -13,076.06 |
Present Value of Terminal Value | -9,752.77 |
Intrinsic Value
Enterprise Value | -10,552.85 |
---|---|
Net Debt | 132.82 |
Equity Value | -10,685.67 |
Shares Outstanding | 107.49 |
Equity Value Per Share | -99.41 |