Discounted Cash Flow (DCF) Analysis Unlevered

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

8.9 €

+0.25 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 88.57 | 8.9 | undervalue

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 15.8417.4517.1818.7620.0721.3222.6424.0425.5327.12
Revenue (%)
EBITDA 34.5831.6722.2331.9614.9733.0135.0537.2339.5441.99
EBITDA (%)
EBIT 33.9631.6722.2232.0314.9832.8534.8937.0539.3541.79
EBIT (%)
Depreciation 0.6200-0.07-0.010.150.160.170.180.19
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 38.6210.6928.8540.3841.9938.2640.6443.1645.8348.68
Total Cash (%)
Account Receivables 4.575.044.014.196.875.876.236.627.037.47
Account Receivables (%)
Inventories -4.57-5.04-4.01-4.19-5.19-5.51-5.85-6.22-6.60-7.01
Inventories (%)
Accounts Payable 2.261.390.910.911.631.731.831.952.072.20
Accounts Payable (%)
Capital Expenditure 0.04-4.17-2.03-2.22-2.37-2.52-2.68-2.84-3.02-3.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.9
Beta 0.784
Diluted Shares Outstanding 13.04
Cost of Debt
Tax Rate 0.01
After-tax Cost of Debt 4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.985
Total Debt 214.18
Total Equity 116.01
Total Capital 330.20
Debt Weighting 64.87
Equity Weighting 35.13
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 15.8417.4517.1818.7620.0721.3222.6424.0425.5327.12
EBITDA 34.5831.6722.2331.9614.9733.0135.0537.2339.5441.99
EBIT 33.9631.6722.2232.0314.9832.8534.8937.0539.3541.79
Tax Rate 17.74%0.04%0.09%0.02%0.01%3.58%3.58%3.58%3.58%3.58%
EBIAT 27.9431.6522.2032.0214.9831.6833.6435.7337.9440.30
Depreciation 0.6200-0.07-0.010.150.160.170.180.19
Accounts Receivable --0.471.04-0.19-2.671-0.36-0.39-0.41-0.44
Inventories -0.47-1.040.1910.320.340.360.390.41
Accounts Payable --0.87-0.48-00.720.100.110.110.120.13
Capital Expenditure 0.04-4.17-2.03-2.22-2.37-2.52-2.68-2.84-3.02-3.21
UFCF 28.6026.6219.6929.7311.6430.7331.2133.1535.2037.38
WACC
PV UFCF 29.112828.1628.3328.50
SUM PV UFCF 142.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.58
Free cash flow (t + 1) 38.54
Terminal Value 1,554.19
Present Value of Terminal Value 1,184.66

Intrinsic Value

Enterprise Value 1,326.76
Net Debt 172.19
Equity Value 1,154.57
Shares Outstanding 13.04
Equity Value Per Share 88.57