Discounted Cash Flow (DCF) Analysis Unlevered
Augros Cosmetic Packaging SA (AUGR.PA)
6 €
0.00 (0.00%)
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 | 14.62 | 17.62 | 17.26 | 14.35 | 14.94 | 15.16 | 15.38 | 15.60 | 15.82 | 16.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 0.93 | 1.93 | 1.44 | 0.19 | 0.93 | 1.01 | 1.02 | 1.04 | 1.05 | 1.07 |
| EBITDA (%) | ||||||||||
| EBIT | 0.36 | 1.28 | 0.73 | -0.63 | 0.09 | 0.31 | 0.31 | 0.32 | 0.32 | 0.33 |
| EBIT (%) | ||||||||||
| Depreciation | 0.57 | 0.65 | 0.72 | 0.83 | 0.84 | 0.70 | 0.71 | 0.72 | 0.73 | 0.74 |
| 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 | 0.66 | 0.26 | 0.25 | 3.69 | 0.96 | 1.20 | 1.22 | 1.23 | 1.25 | 1.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 1.01 | 1.17 | 1.15 | 1.07 | 1.50 | 1.14 | 1.16 | 1.18 | 1.19 | 1.21 |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.33 | 2.20 | 2.65 | 2.62 | 2.51 | 2.39 | 2.42 | 2.46 | 2.49 | 2.53 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.15 | -0.28 | -0.45 | -0.31 | -0.53 | -0.33 | -0.34 | -0.34 | -0.34 | -0.35 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6 |
|---|---|
| Beta | 1.144 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 0.01 |
| After-tax Cost of Debt | 1.20% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.388 |
| Total Debt | 4.30 |
| Total Equity | 644.92 |
| Total Capital | 649.22 |
| Debt Weighting | 0.66 |
| Equity Weighting | 99.34 |
| 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 | 14.62 | 17.62 | 17.26 | 14.35 | 14.94 | 15.16 | 15.38 | 15.60 | 15.82 | 16.05 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 0.93 | 1.93 | 1.44 | 0.19 | 0.93 | 1.01 | 1.02 | 1.04 | 1.05 | 1.07 |
| EBIT | 0.36 | 1.28 | 0.73 | -0.63 | 0.09 | 0.31 | 0.31 | 0.32 | 0.32 | 0.33 |
| Tax Rate | 0.00% | 0.00% | -0.00% | 0.00% | 0.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | 0.36 | 1.28 | 0.73 | -0.63 | 0.09 | 0.31 | 0.31 | 0.32 | 0.32 | 0.33 |
| Depreciation | 0.57 | 0.65 | 0.72 | 0.83 | 0.84 | 0.70 | 0.71 | 0.72 | 0.73 | 0.74 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.16 | 0.02 | 0.08 | -0.43 | 0.35 | -0.02 | -0.02 | -0.02 | -0.02 |
| Accounts Payable | - | -0.13 | 0.45 | -0.03 | -0.11 | -0.12 | 0.03 | 0.03 | 0.04 | 0.04 |
| Capital Expenditure | -0.15 | -0.28 | -0.45 | -0.31 | -0.53 | -0.33 | -0.34 | -0.34 | -0.34 | -0.35 |
| UFCF | 0.78 | 1.37 | 1.47 | -0.07 | -0.14 | 0.91 | 0.70 | 0.71 | 0.73 | 0.74 |
| WACC | ||||||||||
| PV UFCF | 0.84 | 0.60 | 0.56 | 0.53 | 0.49 | |||||
| SUM PV UFCF | 3.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.34 |
| Free cash flow (t + 1) | 0.75 |
| Terminal Value | 11.83 |
| Present Value of Terminal Value | 7.93 |
Intrinsic Value
| Enterprise Value | 10.95 |
|---|---|
| Net Debt | 3.41 |
| Equity Value | 7.54 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | 0.07 |