Discounted Cash Flow (DCF) Analysis Unlevered

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

8.85 €

+0.05 (+0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.33 | 8.85 | 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 17.8618.0915.8417.4517.1817.0716.9616.8516.7416.63
Revenue (%)
EBITDA 19.4620.8130.8929.0121.8324.3224.1624.0123.8523.70
EBITDA (%)
EBIT 19.8920.8030.2629.0121.6724.2324.0823.9223.7723.62
EBIT (%)
Depreciation -0.430.010.6200.150.090.090.080.080.08
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 24.2320.5738.6210.6928.8524.6624.5024.3524.1924.03
Total Cash (%)
Account Receivables ----------
Account Receivables (%)
Inventories -0.220.190.210.210.210.210.210.200.20
Inventories (%)
Accounts Payable 1.822.042.261.390.911.671.661.651.641.63
Accounts Payable (%)
Capital Expenditure 10.4811.240.04-4.174.174.154.124.094.074.04
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.85
Beta 0.752
Diluted Shares Outstanding 11.97
Cost of Debt
Tax Rate 0.09
After-tax Cost of Debt 2.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.513
Total Debt 192.25
Total Equity 105.91
Total Capital 298.16
Debt Weighting 64.48
Equity Weighting 35.52
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 17.8618.0915.8417.4517.1817.0716.9616.8516.7416.63
EBITDA 19.4620.8130.8929.0121.8324.3224.1624.0123.8523.70
EBIT 19.8920.8030.2629.0121.6724.2324.0823.9223.7723.62
Tax Rate 17.69%17.85%17.74%0.04%0.09%10.68%10.68%10.68%10.68%10.68%
EBIAT 16.3717.0924.902921.6521.6421.5021.3721.2321.09
Depreciation -0.430.010.6200.150.090.090.080.080.08
Accounts Receivable ----------
Inventories --0.03-0.02000000
Accounts Payable -0.220.22-0.87-0.480.76-0.01-0.01-0.01-0.01
Capital Expenditure 10.4811.240.04-4.174.174.154.124.094.074.04
UFCF 26.4228.5625.8023.9525.5026.6425.7025.5425.3725.21
WACC
PV UFCF 25.4723.5022.3321.2120.15
SUM PV UFCF 112.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.58
Free cash flow (t + 1) 25.71
Terminal Value 996.68
Present Value of Terminal Value 796.74

Intrinsic Value

Enterprise Value 909.39
Net Debt 163.39
Equity Value 746
Shares Outstanding 11.97
Equity Value Per Share 62.33