Discounted Cash Flow (DCF) Analysis Unlevered

Société Centrale des Bois et des Sc... (CBSM.PA)

8.95 €

+0.10 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 51.11 | 8.95 | undervalue

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 18.0915.8417.4517.1818.7619.0219.2719.5319.8020.06
Revenue (%)
EBITDA 21.8534.5931.6722.2331.9631.2031.6232.0532.4832.92
EBITDA (%)
EBIT 21.8433.9631.6722.2232.0331.0631.4831.9132.3432.77
EBIT (%)
Depreciation 0.010.6200-0.070.140.140.140.150.15
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 20.5738.6210.6928.8540.3830.5030.9131.3331.7532.18
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories 0.220.190.210.210.230.230.240.240.240.25
Inventories (%)
Accounts Payable 2.042.261.390.910.911.661.691.711.731.75
Accounts Payable (%)
Capital Expenditure 11.240.04-4.172.202.412.442.472.512.542.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.95
Beta 0.796
Diluted Shares Outstanding 13.43
Cost of Debt
Tax Rate 0.02
After-tax Cost of Debt 4.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.976
Total Debt 239.49
Total Equity 120.23
Total Capital 359.72
Debt Weighting 66.58
Equity Weighting 33.42
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 18.0915.8417.4517.1818.7619.0219.2719.5319.8020.06
EBITDA 21.8534.5931.6722.2331.9631.2031.6232.0532.4832.92
EBIT 21.8433.9631.6722.2232.0331.0631.4831.9132.3432.77
Tax Rate 17.85%17.74%0.04%0.09%0.02%7.15%7.15%7.15%7.15%7.15%
EBIAT 17.9427.9431.6522.2032.0228.8429.2329.6330.0330.43
Depreciation 0.010.6200-0.070.140.140.140.150.15
Accounts Receivable ----------
Inventories -0.03-0.020-0.02-0-0-0-0-0
Accounts Payable -0.22-0.87-0.48-00.750.020.020.020.02
Capital Expenditure 11.240.04-4.172.202.412.442.472.512.542.57
UFCF 29.2028.8426.6023.9334.3432.1731.8732.3032.7333.17
WACC
PV UFCF 30.5028.6527.5326.4525.42
SUM PV UFCF 138.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.47
Free cash flow (t + 1) 33.84
Terminal Value 975.12
Present Value of Terminal Value 747.16

Intrinsic Value

Enterprise Value 885.70
Net Debt 199.10
Equity Value 686.60
Shares Outstanding 13.43
Equity Value Per Share 51.11