Discounted Cash Flow (DCF) Analysis Unlevered

Balyo SA (BALYO.PA)

0.57 €

+0.04 (+7.75%)
All numbers are in Millions, Currency in USD
Stock DCF: -7.59 | 0.57 | 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 16.4123.2620.4321.6821.7723.7425.8828.2230.7733.55
Revenue (%)
EBITDA -9.80-11.51-15.96-6.120.43-10.14-11.06-12.05-13.14-14.33
EBITDA (%)
EBIT -10.05-11.97-17.48-7.57-1.45-11.39-12.42-13.54-14.76-16.10
EBIT (%)
Depreciation 0.250.461.521.451.881.251.361.481.621.76
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 30.6814.964.568.8010.2217.1418.6920.3822.2224.23
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 2.823.183.643.383.363.794.134.504.915.35
Inventories (%)
Accounts Payable 7.8510.227.857.764.098.779.5710.4311.3712.40
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 16.4123.2620.4321.6821.7723.7425.8828.2230.7733.55
EBITDA -9.80-11.51-15.96-6.120.43-10.14-11.06-12.05-13.14-14.33
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 0.250.461.521.451.881.251.361.481.621.76
Accounts Receivable ----------
Inventories --0.36-0.460.260.02-0.42-0.34-0.37-0.41-0.44
Accounts Payable -2.37-2.37-0.09-3.674.680.790.860.941.03
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