Discounted Cash Flow (DCF) Analysis Unlevered

Barbara Bui SA (BUI.PA)

8 €

+0.90 (+12.68%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.21 | 8 | 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 13.6613.9411.327.319.278.688.137.617.136.68
Revenue (%)
EBITDA -2.343.73-1.25-3.31-0.20-0.85-0.80-0.75-0.70-0.65
EBITDA (%)
EBIT -2.642.87-0.83-3.61-0.37-1.03-0.97-0.90-0.85-0.79
EBIT (%)
Depreciation 0.300.85-0.430.290.170.180.170.160.150.14
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 0.803.623.391.041.931.681.571.471.381.29
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 2.312.322.561.761.421.661.551.461.361.28
Inventories (%)
Accounts Payable 1.991.522.952.861.981.941.821.711.601.50
Accounts Payable (%)
Capital Expenditure -0.31-0.08-0.23-2.38-0.91-0.82-0.77-0.72-0.68-0.63
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8
Beta 0.904
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate -2.75
After-tax Cost of Debt 1.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.962
Total Debt 3.37
Total Equity 859.89
Total Capital 863.25
Debt Weighting 0.39
Equity Weighting 99.61
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 13.6613.9411.327.319.278.688.137.617.136.68
EBITDA -2.343.73-1.25-3.31-0.20-0.85-0.80-0.75-0.70-0.65
EBIT -2.642.87-0.83-3.61-0.37-1.03-0.97-0.90-0.85-0.79
Tax Rate 9.73%6.12%9.09%-0.22%-2.75%4.39%4.39%4.39%4.39%4.39%
EBIAT -2.382.70-0.75-3.61-0.38-0.99-0.92-0.86-0.81-0.76
Depreciation 0.300.85-0.430.290.170.180.170.160.150.14
Accounts Receivable ----------
Inventories --0.01-0.240.800.34-0.240.110.100.090.09
Accounts Payable --0.471.43-0.10-0.88-0.03-0.12-0.12-0.11-0.10
Capital Expenditure -0.31-0.08-0.23-2.38-0.91-0.82-0.77-0.72-0.68-0.63
UFCF -2.393-0.23-5-1.66-1.90-1.54-1.44-1.35-1.27
WACC
PV UFCF -1.76-1.32-1.15-1-0.86
SUM PV UFCF -6.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.94
Free cash flow (t + 1) -1.29
Terminal Value -21.75
Present Value of Terminal Value -14.85

Intrinsic Value

Enterprise Value -20.94
Net Debt 1.44
Equity Value -22.38
Shares Outstanding 107.49
Equity Value Per Share -0.21