Discounted Cash Flow (DCF) Analysis Unlevered
Avenir Telecom S.A. (AVT.PA)
0.0099 €
+0.00 (+2.06%)
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 | 56.22 | 38.97 | 31.64 | 16.15 | 43.85 | 51.86 | 61.33 | 72.54 | 85.79 | 101.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 32.23 | -4.63 | -3.96 | 1.61 | -0.74 | 4.28 | 5.06 | 5.98 | 7.07 | 8.36 |
| EBITDA (%) | ||||||||||
| EBIT | 32.14 | -4.69 | -4.32 | 1.57 | -0.77 | 4.09 | 4.84 | 5.73 | 6.77 | 8.01 |
| EBIT (%) | ||||||||||
| Depreciation | 0.09 | 0.07 | 0.36 | 0.04 | 0.03 | 0.18 | 0.21 | 0.25 | 0.30 | 0.36 |
| 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 | 7.03 | 3.39 | 6.18 | 16.17 | 24.89 | 20.50 | 24.24 | 28.67 | 33.91 | 40.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 6.70 | 8.48 | 5.37 | 2.22 | 4.64 | 7.78 | 9.20 | 10.88 | 12.86 | 15.21 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.95 | 6.49 | 5.28 | 3.28 | 2.25 | 7.19 | 8.51 | 10.06 | 11.90 | 14.07 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.02 | -0.18 | -0 | -0 | -0 | -0.05 | -0.06 | -0.07 | -0.09 | -0.10 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.0,099 |
|---|---|
| Beta | 0.758 |
| Diluted Shares Outstanding | 363.01 |
| Cost of Debt | |
| Tax Rate | 32.06 |
| After-tax Cost of Debt | 0.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.428 |
| Total Debt | 3.39 |
| Total Equity | 3.59 |
| Total Capital | 6.99 |
| Debt Weighting | 48.57 |
| Equity Weighting | 51.43 |
| 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 | 56.22 | 38.97 | 31.64 | 16.15 | 43.85 | 51.86 | 61.33 | 72.54 | 85.79 | 101.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 32.23 | -4.63 | -3.96 | 1.61 | -0.74 | 4.28 | 5.06 | 5.98 | 7.07 | 8.36 |
| EBIT | 32.14 | -4.69 | -4.32 | 1.57 | -0.77 | 4.09 | 4.84 | 5.73 | 6.77 | 8.01 |
| Tax Rate | 4.52% | 4.00% | 8.31% | 148.10% | 32.06% | 39.40% | 39.40% | 39.40% | 39.40% | 39.40% |
| EBIAT | 30.69 | -4.51 | -3.96 | -0.76 | -0.52 | 2.48 | 2.93 | 3.47 | 4.10 | 4.85 |
| Depreciation | 0.09 | 0.07 | 0.36 | 0.04 | 0.03 | 0.18 | 0.21 | 0.25 | 0.30 | 0.36 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -1.78 | 3.11 | 3.14 | -2.42 | -3.14 | -1.42 | -1.68 | -1.99 | -2.35 |
| Accounts Payable | - | 0.55 | -1.22 | -2 | -1.03 | 4.94 | 1.31 | 1.55 | 1.84 | 2.17 |
| Capital Expenditure | -0.02 | -0.18 | -0 | -0 | -0 | -0.05 | -0.06 | -0.07 | -0.09 | -0.10 |
| UFCF | 30.76 | -5.85 | -1.70 | 0.43 | -3.95 | 4.42 | 2.98 | 3.52 | 4.17 | 4.93 |
| WACC | ||||||||||
| PV UFCF | 4.27 | 2.79 | 3.19 | 3.66 | 4.19 | |||||
| SUM PV UFCF | 18.10 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.32 |
| Free cash flow (t + 1) | 5.03 |
| Terminal Value | 380.76 |
| Present Value of Terminal Value | 323.39 |
Intrinsic Value
| Enterprise Value | 341.49 |
|---|---|
| Net Debt | -21.49 |
| Equity Value | 362.99 |
| Shares Outstanding | 363.01 |
| Equity Value Per Share | 1.00 |