Discounted Cash Flow (DCF) Analysis Unlevered

Artea SA (ARTE.PA)

24.2 €

+1.00 (+4.31%)
All numbers are in Millions, Currency in USD
Stock DCF: -99.41 | 24.2 | overvalue

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 22.9073.0625.3633.55105.69211.68423.94849.061,700.483,405.70
Revenue (%)
EBITDA 9.3221.0121.8720.8322.46101.17202.62405.80812.721,627.70
EBITDA (%)
EBIT 8.5819.2319.7917.9419.4390.45181.16362.82726.661,455.33
EBIT (%)
Depreciation 0.741.782.082.893.0310.7121.4642.9786.06172.37
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 13.1517.4317.1112.9922.4188.33176.91354.32709.631,421.23
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 45.1817.2512.6617.8541.53153.81308.04616.951,235.612,474.65
Inventories (%)
Accounts Payable 12.7613.8820.2930.3938.33119.20238.73478.12957.571,917.81
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 22.9073.0625.3633.55105.69211.68423.94849.061,700.483,405.70
EBITDA 9.3221.0121.8720.8322.46101.17202.62405.80812.721,627.70
EBIT 8.5819.2319.7917.9419.4390.45181.16362.82726.661,455.33
Tax Rate 25.69%40.10%39.38%19.29%-20.14%20.87%20.87%20.87%20.87%20.87%
EBIAT 6.3811.521214.4823.3471.58143.36287.12575.041,151.68
Depreciation 0.741.782.082.893.0310.7121.4642.9786.06172.37
Accounts Receivable ----------
Inventories -27.934.59-5.19-23.68-112.28-154.24-308.90-618.66-1,239.05
Accounts Payable -1.126.4110.107.9480.87119.53239.39479.45960.24
Capital Expenditure -15.82-11.97-21.58-16.77-9.47-97.16-194.58-389.70-780.49-1,563.15
UFCF -8.7130.383.495.511.16-46.27-64.47-129.12-258.60-517.91
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