Discounted Cash Flow (DCF) Analysis Unlevered
Balyo SA (BALYO.PA)
0.57 €
+0.04 (+7.75%)
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 | 16.41 | 23.26 | 20.43 | 21.68 | 21.77 | 23.74 | 25.88 | 28.22 | 30.77 | 33.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -9.80 | -11.51 | -15.96 | -6.12 | 0.43 | -10.14 | -11.06 | -12.05 | -13.14 | -14.33 |
| EBITDA (%) | ||||||||||
| EBIT | -10.05 | -11.97 | -17.48 | -7.57 | -1.45 | -11.39 | -12.42 | -13.54 | -14.76 | -16.10 |
| EBIT (%) | ||||||||||
| Depreciation | 0.25 | 0.46 | 1.52 | 1.45 | 1.88 | 1.25 | 1.36 | 1.48 | 1.62 | 1.76 |
| 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 | 30.68 | 14.96 | 4.56 | 8.80 | 10.22 | 17.14 | 18.69 | 20.38 | 22.22 | 24.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 2.82 | 3.18 | 3.64 | 3.38 | 3.36 | 3.79 | 4.13 | 4.50 | 4.91 | 5.35 |
| Inventories (%) | ||||||||||
| Accounts Payable | 7.85 | 10.22 | 7.85 | 7.76 | 4.09 | 8.77 | 9.57 | 10.43 | 11.37 | 12.40 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.06 | -0.76 | -0.32 | -0.04 | -0.56 | -0.66 | -0.72 | -0.79 | -0.86 | -0.94 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.57 |
|---|---|
| Beta | 1.680 |
| Diluted Shares Outstanding | 30.24 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.30% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.449 |
| Total Debt | 14.37 |
| Total Equity | 17.23 |
| Total Capital | 31.60 |
| Debt Weighting | 45.47 |
| Equity Weighting | 54.53 |
| 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 | 16.41 | 23.26 | 20.43 | 21.68 | 21.77 | 23.74 | 25.88 | 28.22 | 30.77 | 33.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -9.80 | -11.51 | -15.96 | -6.12 | 0.43 | -10.14 | -11.06 | -12.05 | -13.14 | -14.33 |
| EBIT | -10.05 | -11.97 | -17.48 | -7.57 | -1.45 | -11.39 | -12.42 | -13.54 | -14.76 | -16.10 |
| Tax Rate | 0.00% | 0.00% | 0.35% | -0.01% | 0.00% | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
| EBIAT | -10.05 | -11.97 | -17.42 | -7.57 | -1.45 | -11.38 | -12.41 | -13.53 | -14.75 | -16.08 |
| Depreciation | 0.25 | 0.46 | 1.52 | 1.45 | 1.88 | 1.25 | 1.36 | 1.48 | 1.62 | 1.76 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -0.36 | -0.46 | 0.26 | 0.02 | -0.42 | -0.34 | -0.37 | -0.41 | -0.44 |
| Accounts Payable | - | 2.37 | -2.37 | -0.09 | -3.67 | 4.68 | 0.79 | 0.86 | 0.94 | 1.03 |
| Capital Expenditure | -1.06 | -0.76 | -0.32 | -0.04 | -0.56 | -0.66 | -0.72 | -0.79 | -0.86 | -0.94 |
| UFCF | -10.86 | -10.25 | -19.05 | -5.98 | -3.79 | -6.54 | -11.32 | -12.34 | -13.46 | -14.67 |
| WACC | ||||||||||
| PV UFCF | -6.07 | -9.75 | -9.87 | -9.99 | -10.11 | |||||
| SUM PV UFCF | -45.79 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.74 |
| Free cash flow (t + 1) | -14.97 |
| Terminal Value | -260.77 |
| Present Value of Terminal Value | -179.63 |
Intrinsic Value
| Enterprise Value | -225.42 |
|---|---|
| Net Debt | 4.15 |
| Equity Value | -229.57 |
| Shares Outstanding | 30.24 |
| Equity Value Per Share | -7.59 |