Discounted Cash Flow (DCF) Analysis Unlevered
BigBen Interactive (BIG.PA)
5.11 €
-0.04 (-0.78%)
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 | 245.41 | 245.50 | 263.50 | 292.83 | 275.71 | 284.43 | 293.43 | 302.71 | 312.29 | 322.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 26.36 | 47.07 | 49.93 | 56.19 | 45.58 | 48.11 | 49.64 | 51.21 | 52.83 | 54.50 |
| EBITDA (%) | ||||||||||
| EBIT | 13.04 | 23.86 | 21.12 | 24.79 | 16.25 | 21.28 | 21.95 | 22.65 | 23.36 | 24.10 |
| EBIT (%) | ||||||||||
| Depreciation | 13.32 | 23.21 | 28.81 | 31.39 | 29.32 | 26.84 | 27.68 | 28.56 | 29.46 | 30.40 |
| 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 | 16.63 | 14.21 | 118.15 | 177.83 | 126.45 | 93.29 | 96.24 | 99.29 | 102.43 | 105.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 51.66 | 57.65 | 66.05 | 65.78 | 81.05 | 69.09 | 71.28 | 73.53 | 75.86 | 78.26 |
| Inventories (%) | ||||||||||
| Accounts Payable | 45.24 | 53.83 | 49.71 | 45.91 | 47.48 | 52.40 | 54.06 | 55.77 | 57.54 | 59.36 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -18.43 | -30.29 | -36.47 | -52.63 | -59.97 | -41.76 | -43.09 | -44.45 | -45.85 | -47.30 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.11 |
|---|---|
| Beta | 0.944 |
| Diluted Shares Outstanding | 19.72 |
| Cost of Debt | |
| Tax Rate | 48.88 |
| After-tax Cost of Debt | 0.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.153 |
| Total Debt | 239.27 |
| Total Equity | 100.76 |
| Total Capital | 340.04 |
| Debt Weighting | 70.37 |
| Equity Weighting | 29.63 |
| 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 | 245.41 | 245.50 | 263.50 | 292.83 | 275.71 | 284.43 | 293.43 | 302.71 | 312.29 | 322.17 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 26.36 | 47.07 | 49.93 | 56.19 | 45.58 | 48.11 | 49.64 | 51.21 | 52.83 | 54.50 |
| EBIT | 13.04 | 23.86 | 21.12 | 24.79 | 16.25 | 21.28 | 21.95 | 22.65 | 23.36 | 24.10 |
| Tax Rate | 26.13% | 23.85% | 18.36% | 45.77% | 48.88% | 32.60% | 32.60% | 32.60% | 32.60% | 32.60% |
| EBIAT | 9.63 | 18.17 | 17.24 | 13.45 | 8.31 | 14.34 | 14.80 | 15.27 | 15.75 | 16.25 |
| Depreciation | 13.32 | 23.21 | 28.81 | 31.39 | 29.32 | 26.84 | 27.68 | 28.56 | 29.46 | 30.40 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | -5.99 | -8.41 | 0.27 | -15.26 | 11.95 | -2.19 | -2.25 | -2.33 | -2.40 |
| Accounts Payable | - | 8.59 | -4.12 | -3.80 | 1.57 | 4.93 | 1.66 | 1.71 | 1.76 | 1.82 |
| Capital Expenditure | -18.43 | -30.29 | -36.47 | -52.63 | -59.97 | -41.76 | -43.09 | -44.45 | -45.85 | -47.30 |
| UFCF | 4.52 | 13.70 | -2.95 | -11.32 | -36.04 | 16.29 | -1.13 | -1.17 | -1.20 | -1.24 |
| WACC | ||||||||||
| PV UFCF | 15.83 | -1.07 | -1.07 | -1.07 | -1.08 | |||||
| SUM PV UFCF | 11.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 2.90 |
| Free cash flow (t + 1) | -1.27 |
| Terminal Value | -140.85 |
| Present Value of Terminal Value | -122.09 |
Intrinsic Value
| Enterprise Value | -110.55 |
|---|---|
| Net Debt | 112.83 |
| Equity Value | -223.37 |
| Shares Outstanding | 19.72 |
| Equity Value Per Share | -11.33 |