Discounted Cash Flow (DCF) Analysis Unlevered

Atari SA (ATA.PA)

0.1448 €

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.36 | 0.1448 | 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 1820.602418.9014.9014.4714.0613.6613.2612.88
Revenue (%)
EBITDA 4.505.808.800.80-11.900.410.400.390.380.37
EBITDA (%)
EBIT 2.501.702.60-11.80-23.50-5.42-5.26-5.11-4.97-4.82
EBIT (%)
Depreciation 24.106.2012.6011.605.835.665.505.345.19
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 3.108.701.802.500.602.442.372.302.232.17
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.200.200.602.502.100.920.900.870.850.82
Inventories (%)
Accounts Payable 5.405.305.707.308.205.014.874.734.594.46
Accounts Payable (%)
Capital Expenditure -5.30-7.10-9.60-4.60-4.30-4.55-4.42-4.29-4.17-4.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.1,448
Beta 0.778
Diluted Shares Outstanding 304.79
Cost of Debt
Tax Rate 4.42
After-tax Cost of Debt 2.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.437
Total Debt 6.80
Total Equity 44.13
Total Capital 50.93
Debt Weighting 13.35
Equity Weighting 86.65
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 1820.602418.9014.9014.4714.0613.6613.2612.88
EBITDA 4.505.808.800.80-11.900.410.400.390.380.37
EBIT 2.501.702.60-11.80-23.50-5.42-5.26-5.11-4.97-4.82
Tax Rate -9.52%-28.57%-21.05%0.83%4.42%-10.78%-10.78%-10.78%-10.78%-10.78%
EBIAT 2.742.193.15-11.70-22.46-6-5.83-5.66-5.50-5.34
Depreciation 24.106.2012.6011.605.835.665.505.345.19
Accounts Receivable ----------
Inventories --0-0.40-1.900.401.180.030.030.020.02
Accounts Payable --0.100.401.600.90-3.19-0.14-0.14-0.14-0.13
Capital Expenditure -5.30-7.10-9.60-4.60-4.30-4.55-4.42-4.29-4.17-4.05
UFCF -0.56-0.91-0.25-4-13.86-6.73-4.70-4.57-4.44-4.31
WACC
PV UFCF -6.35-4.19-3.84-3.52-3.23
SUM PV UFCF -21.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.95
Free cash flow (t + 1) -4.40
Terminal Value -111.29
Present Value of Terminal Value -83.36

Intrinsic Value

Enterprise Value -104.50
Net Debt 6.20
Equity Value -110.70
Shares Outstanding 304.79
Equity Value Per Share -0.36