Discounted Cash Flow (DCF) Analysis Unlevered

Alten S.A. (ATE.PA)

123.6 €

+0.10 (+0.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 121.86 | 123.6 | 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 1,975.432,269.882,623.992,331.932,925.183,252.923,617.384,022.674,473.374,974.57
Revenue (%)
EBITDA 211.24234.43305.17205.34362.93350.43389.70433.36481.91535.90
EBITDA (%)
EBIT 198.23220.33244.83138.12290.34292.24324.99361.40401.89446.92
EBIT (%)
Depreciation 13.0114.1160.3467.2272.5958.1964.7171.9680.0288.98
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 83.97120.37202.55283.42312.31260.91290.14322.65358.79398.99
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 63.6679.0490.1299.10126.84121.82135.47150.65167.53186.30
Accounts Payable (%)
Capital Expenditure -13.80-16.92-17.91-12.30-16.60-20.96-23.31-25.92-28.83-32.06
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 123.6
Beta 1.559
Diluted Shares Outstanding 34.45
Cost of Debt
Tax Rate 27.45
After-tax Cost of Debt 1.02%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.051
Total Debt 275.21
Total Equity 4,258.50
Total Capital 4,533.71
Debt Weighting 6.07
Equity Weighting 93.93
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 1,975.432,269.882,623.992,331.932,925.183,252.923,617.384,022.674,473.374,974.57
EBITDA 211.24234.43305.17205.34362.93350.43389.70433.36481.91535.90
EBIT 198.23220.33244.83138.12290.34292.24324.99361.40401.89446.92
Tax Rate 23.73%25.78%30.06%26.48%27.45%26.70%26.70%26.70%26.70%26.70%
EBIAT 151.18163.54171.22101.55210.65214.22238.22264.91294.59327.60
Depreciation 13.0114.1160.3467.2272.5958.1964.7171.9680.0288.98
Accounts Receivable ----------
Inventories ----------
Accounts Payable -15.3811.078.9827.74-5.0213.6515.1816.8818.77
Capital Expenditure -13.80-16.93-17.91-12.30-16.60-20.96-23.31-25.92-28.83-32.06
UFCF 150.39176.10224.73165.45294.39246.43293.27326.12362.66403.29
WACC
PV UFCF 223.13240.44242.10243.78245.47
SUM PV UFCF 1,194.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.44
Free cash flow (t + 1) 411.36
Terminal Value 4,873.94
Present Value of Terminal Value 2,966.53

Intrinsic Value

Enterprise Value 4,161.45
Net Debt -37.10
Equity Value 4,198.55
Shares Outstanding 34.45
Equity Value Per Share 121.86