Discounted Cash Flow (DCF) Analysis Unlevered
Artea SA (ARTE.PA)
20 €
-0.20 (-0.99%)
All numbers are in Millions, Currency in USD
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 | 73.06 | 25.36 | 33.55 | 105.69 | 78.33 | 108.90 | 151.40 | 210.48 | 292.63 | 406.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 22.51 | 24.36 | 19.86 | 18.70 | 13.41 | 48.11 | 66.88 | 92.99 | 129.27 | 179.73 |
| EBITDA (%) | ||||||||||
| EBIT | 20.73 | 22.29 | 16.97 | 15.68 | 9.07 | 42.09 | 58.51 | 81.35 | 113.10 | 157.24 |
| EBIT (%) | ||||||||||
| Depreciation | 1.78 | 2.08 | 2.89 | 3.03 | 4.34 | 6.02 | 8.37 | 11.63 | 16.18 | 22.49 |
| 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 | 17.43 | 17.11 | 12.99 | 22.41 | 14.62 | 37 | 51.44 | 71.51 | 99.42 | 138.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | 32.32 | 136.97 | 51.21 | 66.28 | 182.05 | 253.10 | 351.88 | 489.21 | 680.14 |
| Account Receivables (%) | ||||||||||
| Inventories | 17.25 | 12.66 | 17.85 | 41.53 | 38.65 | 46.90 | 65.21 | 90.66 | 126.03 | 175.22 |
| Inventories (%) | ||||||||||
| Accounts Payable | 13.88 | 20.29 | 30.39 | 38.33 | 54.17 | 64.25 | 89.32 | 124.19 | 172.65 | 240.03 |
| 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 | 73.06 | 25.36 | 33.55 | 105.69 | 78.33 | 108.90 | 151.40 | 210.48 | 292.63 | 406.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 22.51 | 24.36 | 19.86 | 18.70 | 13.41 | 48.11 | 66.88 | 92.99 | 129.27 | 179.73 |
| EBIT | 20.73 | 22.29 | 16.97 | 15.68 | 9.07 | 42.09 | 58.51 | 81.35 | 113.10 | 157.24 |
| Tax Rate | 40.10% | 39.38% | 19.29% | 17.69% | -0.44% | 23.20% | 23.20% | 23.20% | 23.20% | 23.20% |
| EBIAT | 12.42 | 13.51 | 13.70 | 12.91 | 9.11 | 32.32 | 44.94 | 62.47 | 86.85 | 120.75 |
| Depreciation | 1.78 | 2.08 | 2.89 | 3.03 | 4.34 | 6.02 | 8.37 | 11.63 | 16.18 | 22.49 |
| Accounts Receivable | - | - | -104.66 | 85.76 | -15.06 | -115.78 | -71.05 | -98.78 | -137.33 | -190.92 |
| Inventories | - | 4.59 | -5.19 | -23.68 | 2.87 | -8.25 | -18.30 | -25.45 | -35.38 | -49.19 |
| Accounts Payable | - | 6.41 | 10.10 | 7.94 | 15.84 | 10.08 | 25.07 | 34.86 | 48.47 | 67.38 |
| Capital Expenditure | -2.80 | -17.04 | -16.77 | -9.47 | -17.88 | -33.28 | -46.26 | -64.32 | -89.42 | -124.31 |
| UFCF | 11.39 | 9.54 | -99.92 | 76.48 | -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 |